Headline Roundup
Type of Content
Approved Story
1
Format
Region
News Item Format
Standard
Autocurated
0
The Centers for Medicare and Medicaid Services (CMS) early Tuesday announced the first 10 drugs chosen for Medicare price negotiation under the Inflation Reduction Act (IRA).
These single-source drugs were chosen based on their eligibility under the IRA and are the “highest total Part D gross covered prescription drug costs” under Medicare Part D, according to the CMS. In total, these medications account for $50.5 billion in total gross Part D costs.
Negotiations over these drugs, if manufacturers agree to the process, will take place over 2023 and 2024. Drugmakers have until Oct. 1 to sign agreements.
The CMS will publish the “maximum fair prices” for these drugs in September 2024. The negotiated prices for these drugs will go into effect beginning in 2026.
President Biden is expected to give a speech Tuesday to mark the selection of these drugs.