President Joe Biden has made a major step by naming the first ten pharmaceuticals that would be subject to Medicare price negotiation, which is a huge step towards making healthcare more accessible and affordable for all Americans. This action represents a major victory for the administration’s initiatives to control the growing cost of prescription drugs and guarantee that the people who most need them can afford them. This move indicates a positive shift towards a more egalitarian healthcare system, as healthcare expenses are frequently a key worry for residents across the country.
The Medicare health program for Americans 65 and older can now negotiate pricing for some of its most expensive medications in accordance with President Joe Biden’s signature Inflation Reduction Act (IRA), which was passed into law last year.
This action is on top of progress previously made in reducing the cost of insulin to $35 a month for people with Medicare.
These ten drugs are among those with highest total spending in Medicare Part D. Millions of Part D enrollees depend on these vital treatments to treat life-threatening conditions including diabetes, heart failure, and cancer, but many struggle to access their medications because of prohibitive costs.
Medicare drug price negotiation will result in lower out-of-pocket costs for seniors and will save money for American taxpayers. Negotiations for the first group of selected drugs will begin in 2023, with negotiated prices going into effect in 2026.
Out-of-Pocket Costs for Drugs Covered Under Part D Selected for Drug Price Negotiation, by State
Today HHS also released a report showing that 9 million Medicare Part D enrollees took the drugs covered under Part D selected for negotiation and paid a total of $3.4 billion in out-of-pocket costs for these drugs in 2022. For enrollees without additional financial assistance, average annual out-of-pocket costs for these drugs were as high as $6,497 per enrollee in 2022.
The list of medications includes the leukemia drug Imbruvica from AbbVie (ABBV.N), the Eliquis competitor Xarelto from Johnson & Johnson (JNJ.N), and the diabetic pill Januvia from Merck & Co. (MRK.N).
These ten drugs are among those with highest total spending in Medicare Part D. Millions of Part D enrollees depend on these vital treatments to treat life-threatening conditions including diabetes, heart failure, and cancer, but many struggle to access their medications because of prohibitive costs.
Medicare drug price negotiation will result in lower out-of-pocket costs for seniors and will save money for American taxpayers. Negotiations for the first group of selected drugs will begin in 2023, with negotiated prices going into effect in 2026.
Source: Whitehouse.gov
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