Biden and Harris Announce Major Medicare Drug Price Cuts
New agreements set to save Medicare billions while facing criticism over potential impacts on innovation.
- The Biden administration revealed new negotiated prices for the first 10 drugs under Medicare, effective in 2026.
- These price reductions are projected to save Medicare $6 billion and cut out-of-pocket costs for seniors by $1.5 billion.
- Critics argue that the price cuts could stifle pharmaceutical innovation and reduce investment in new drug development.
- The Inflation Reduction Act enabled these negotiations, marking a significant policy achievement for the Biden-Harris administration.
- Future rounds of negotiations are expected to include more drugs, with additional savings anticipated over time.
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