Biden Admin To Hit Drugmakers With Inflation Penalties

CNBC reports:

The Biden administration on Wednesday said it will impose inflation penalties on 64 prescription drugs for the third quarter of this year, lowering costs for certain older Americans enrolled in Medicare.

President Joe Biden has made lowering U.S. drug prices a key pillar of his health-care agenda and reelection platform for 2024. A provision of Biden’s Inflation Reduction Act requires drugmakers to pay rebates to Medicare if they hike the price of a medication faster than the rate of inflation.

It is separate from another provision under the law that allows Medicare to negotiate lower prescription drug prices with manufacturers. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to the Biden administration.

Read the full article.

High costs are the American peoples’ top concern and the Biden Administration is pulling every lever available to bring them down.

Big news today that takes on drugmakers trying to profit from inflation to bring down costs for another 64 drugs.https://t.co/cveGEYKlAV

— Cole Leiter (@coleleiter) June 26, 2024