Prescription drugs

On March 26, the Department of Health and Human Services (HHS), through the Centers for Medicare & Medicaid Services (CMS), announced 41 prescription drugs covered under Medicare Part B that may have lower beneficiary coinsurances. From April 1, 2024, through June 30, 2024, some people with Medicare who take these drugs may save between $1 and $3,575 per average dose, depending on the beneficiary’s coverage. Under the Inflation Reduction Act, signed into law in August 2022, drug companies that raise their drug prices faster than the rate of inflation are required to pay a rebate to Medicare. Starting April 1, 2023, Medicare beneficiaries may pay a lower coinsurance for certain Part B drugs if the drug’s price increases...

On February 1, the Centers for Medicare & Medicaid Services (CMS) sent initial offers to the participating drug companies of the first ten prescription drugs selected for negotiation in the first cycle of the Medicare Drug Price Negotiation Program. CMS announced the ten initial drugs selected for the first cycle of Medicare drug price negotiation on August 29, 2023, and on October 3, HHS announced that the drug companies of all 10 selected drugs agreed to participate in negotiations with Medicare. Negotiations will continue over the next several months, with negotiations ending by August 1, 2024...