All articles tagged with #drug price negotiation
Astellas has withdrawn its lawsuit against the Biden administration after its drug Xtandi was not selected for Medicare's drug price negotiation program. The company maintains that the program is "bad policy and unconstitutional."
The Biden administration has included short-acting insulin in its list of 10 drugs for which Medicare will negotiate lower prices, a move that has surprised and pleased health care reform advocates. The inclusion of insulin, along with other commonly prescribed medications, in the list of negotiated drugs shows a significant blow to the pharmaceutical industry. The negotiations will begin this year and conclude in 2024, with the lower prices taking effect from January 1, 2026. This move is seen as a breakthrough victory against the powerful pharmaceutical lobby and a step towards reducing out-of-pocket costs for seniors.
The Biden administration has announced the first 10 drugs chosen for Medicare price negotiation, marking a significant step in addressing healthcare affordability. However, the program is facing legal challenges from pharmaceutical companies, potentially delaying implementation. The selected drugs, which include medications for heart disease, diabetes, blood cancers, and autoimmune diseases, account for a significant portion of Medicare Part D-covered prescription drug costs. The negotiations are set to begin, and drugmakers have until October 1 to sign agreements. Despite legal battles, supporters hope that the program will lead to discounted prices and have a broader impact on the pharmaceutical industry.