WH Deal Slashes Billions From Cost Of Medicare Drugs

The Associated Press reports:

The Biden administration said Thursday that drug price negotiations will knock hundreds of dollars — in some cases thousands — off the list prices of 10 of Medicare’s most popular and costliest drugs.

The discounts, agreed to after months of negotiations with drug manufacturers, range between 38% and 79% on the medication’s list price, which is the cost of medication before discounts or rebates are applied — not the price people actually pay for prescriptions.

Medicare spent $50 billion covering the drugs last year and taxpayers are expected to save $6 billion on the new prices, which do not go into effect until 2026. Older adults could save as much as $1.5 billion in total on their medications in out-of-pocket costs.

Read the full article.

White House says deals struck to cut prices of popular Medicare drugs that cost $50 billion yearly | AP News

A huge deal but the irony is that these savings don’t go into effect for Americans till 2026, and if Trump wins, he’ll take credit for it 🤦🏽‍♂️ https://t.co/dFgqfj5VRR

— Mehdi Hasan (@mehdirhasan) August 15, 2024