The Damage Report
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Big Pharma Loses BIG As Medicare Drug Price Triumph Revealed
Posted
August 31, 2023
Views
6,658
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512
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August 31, 2023
6,658
512
97
9.15%
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6:03Now PlayingPresident Biden's administration announced the release of the first 10 prescription drugs on teh table for price negotiations between Medicare and big pharma. Francesca Fiorentini and Yasmin Khan break it down on The Damage Report.
Read more here:
Blood thinners, diabetes meds among first 10 drugs for US price negotiations
"Aug 29(Reuters) - The Biden administration on Tuesday released its list of 10 prescription medicines that will be subject to the first-ever price negotiations by the U.S. Medicare health program that covers 66 million people, with big-selling blood thinner Eliquis from Bristol Myers Squibb (BMY.N) and Pfizer (PFE.N) among them.
President Joe Biden’s signature Inflation Reduction Act (IRA), signed into law last year, allows Medicare to negotiate prices for some of its most costly drugs.
"Today is the start of a new deal for patients,” Biden said at a White House event, adding that Americans often pay two to three times more than other countries for the same drugs.
Once implemented, the prices on negotiated drugs will decrease for up to 9 million seniors who currently pay as much as $6,497 in out-of-pocket costs per year for these prescriptions, Biden said."
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