Biden-Harris Administration to Make First Offer for Drug Price Negotiation Program, Launches New Resource Hub to Help People Access Lower-Cost Drugs

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...