Insight

Hung Trinh: Biden-⁠Harris Administration Announces Medicare Price Negotiation for the First Ten Drugs

Hung Trinh/LinkedIn

Aug 20, 2024, 06:36

Hung Trinh: Biden-⁠Harris Administration Announces Medicare Price Negotiation for the First Ten Drugs

Hung Trinh, Director of Process Development and MFG Science and Technology at Vyriad, posted on LinkedIn:

“The White House FACT SHEET: Biden-⁠Harris Administration Announces New, Lower Prices for First Ten Drugs Selected for Medicare Price Negotiation to Lower Costs for Millions of Americans

The new prices will go into effect for people with Medicare Part D prescription drug coverage in 2026:

Opinion: The long list of drugs will be subjected to price negotiations for the next phase. There will be huge loss of profit from pharmaceuticals industry segment. 2025 will be even more difficult time for US Pharma sectors.

New prices are expected to save millions of seniors and other Medicare beneficiaries $1.5 billion in out-of-pocket costs in the first year of the program alone
For far too long, Americans have paid more for their prescription drugs than any developed nation. Today, the Biden-Harris Administration is delivering on its promise to lower out-of-pocket drug costs for seniors and save money for Americans. That’s because Medicare has the power to negotiate prescription drug prices for the first time in history thanks to the Inflation Reduction Act, which was signed into law by President Biden with Vice President Harris casting the tie-breaking vote.

Because Medicare is now able to negotiate lower prescription drug prices for seniors and people with disabilities, American taxpayers are expected to save $6 billion on prescription drug costs, and people enrolled in Medicare are expected to save $1.5 billion in out-of-pocket costs in 2026 alone. President Biden and Vice President Harris took on Big Pharma and won, and now millions of seniors and others on Medicare will soon see their drug costs go down on some of the most common and expensive prescription drugs that treat heart disease, cancer, diabetes, blood clots, and more.

U.S. Department of Health and Human Services (HHS) Announces Negotiated Prices for Medicare Drugs

HHS has reached agreements with all participating manufacturers on new negotiated, lower drug prices for the first 10 drugs selected for the Medicare drug price negotiation program. After manufacturers have steadily increased the list prices of all 10 of these drugs since they went on the market, these new prices will cut the list price of these drugs between 38 and 79 percent.”

Hung Trinh