The Centers for Medicare and Medicaid Services (CMS) has officially named the first 10 drugs chosen for price negotiation under the Inflation Reduction Act (IRA), and while most picks were anticipated, a few of the medicines named on Tuesday came as something of a surprise. The IRA was highly specific with which Medicare-covered drugs could be eligible for negotiation, as well as which ones could not. In order to be up for selection, the drugs had to be approved by the the Food and Drug Administration for at least seven...

US President Joe Biden speaks about lowering healthcare costs, in the East Room of the White House in Washington, DC, on August 29, 2023. WASHINGTON — President Joe Biden is placing a priority on reducing individual health-care costs as he seeks reelection in a country where medical spending accounts for 18.3% of the nation's gross domestic product, according to the Centers for Medicare and Medicaid Services. "Boy, we've been fighting Big Pharma for a long time," Biden said Tuesday from the White House. "I promise you I'm gonna have your...

President Biden on Tuesday vowed to not back down from pharmaceutical companies in touting the first 10 drugs chosen for Medicare price negotiation under the Inflation Reduction Act (IRA). “Big Pharma charging Americans more than three times what they charge other countries simply because they could and I think it’s outrageous. That’s why these negotiations matter,” Biden said at an event at the White House. “We’re going to keep standing up to Big Pharma and we’re not gonna back down.” The drugs, announced Tuesday by the White House, were chosen...

President Joe Biden on Tuesday pledged to “keep standing up to Big Pharma,” as he celebrated his administration’s rollout of the first 10 drugs to be selected for a price-negotiation program.

“Today is the start of a new deal for patients, where Big Pharma doesn’t just get a blank check at your expense and the expense of the American people,” Biden said in a speech at the White House.

The White House announced today the first 10 drugs subject to new Medicare price negotiations, after a law was passed allowing the government to lean on drug companies for a better deal. The move could save taxpayers billions of dollars in the first year alone. And it’s supported by a vast majority of Americans, at a time when many are struggling to meet the mounting cost of some lifesaving prescription drugs. The drugs on the list are among the most costly to the Medicare Part D program — Eliquis, for...

The White House announced Tuesday the names of the first 10 prescription drugs selected for Medicare price negotiations as part of the Biden-Harris administration’s Inflation Reduction Act. The medications — which include the blood thinner Eliquis and the rapid-acting insulin Fiasp/Novolog — cost Medicare around $50 billion from June 1, 2022, to May 31, 2023, according to the Centers for Medicare and Medicaid Services, or CMS. Last year, people enrolled in Medicare had to spend $3.4 billion in out-of-cost expenses for those 10 drugs, which are among those with the...

With Tuesday’s unveiling of the initial 10 drugs tagged for Medicare negotiations — a bargaining process allowed for the first time under last year’s Inflation Reduction Act — the White House campaign to rein in the cost of prescription medicines shifted into high gear. President Biden has scheduled a briefing later on Tuesday to highlight price cuts expected to come out of the negotiations between the government and drug makers. The start of Medicare’s high-stakes haggling over the price of some of the most expensive prescription drugs is sparking very...

Move is expected to cut costs for some patients but faces lawsuits from drugmakers and heavy criticism from Republicans. US President Joe Biden’s administration has released a list of 10 prescription medicines that will be subject to the first-ever price negotiations by the United States Medicare health programme, a move that could affect tens of millions of people. Biden’s signature Inflation Reduction Act (IRA), signed into law in August last year, allows the health programme for Americans aged 65 and over to negotiate prices for some of its most costly...

WASHINGTON (AP) — The popular diabetes treatment Jardiance and the blood thinner Eliquis are among the first drugs that will be targeted for price negotiations in effort to cut Medicare costs. President Joe Biden's administration on Tuesday released a list of 10 drugs for which the federal government will take a first-ever step: negotiating drug prices directly with the manufacturer. The move is expected to cut costs for some patients but faces litigation from the drugmakers and heavy criticism from Republican lawmakers. It’s also a centerpiece of the Democratic president’s...