Biden Administration Cuts Medicare Costs for 64 Prescription Drugs

New inflation penalties on drugmakers will lower costs for seniors from July to September 2024, impacting treatments for cancer, infections, and osteoporosis.

The price reduction affects 64 drugs under Medicare Part B, benefiting over 750,000 seniors.
Savings for individuals could range from $1 to $4,593 per day during the rebate period.
The Inflation Reduction Act mandates rebates from drugmakers who increase prices faster than inflation.
This initiative is separate from Medicare's ongoing negotiations to lower drug prices.
The Centers for Medicare & Medicaid Services will invoice drug companies for rebates by fall 2025.