Biden Administration Progresses on Lowering Drug Prices Amid Legal and Political Challenges
March 4, 2024
The Biden Administration announced continued progress in its campaign to reduce drug prices, highlighting that all manufacturers of the ten drugs chosen for price negotiations have submitted counteroffers to CMS despite facing legal and congressional challenges. This initiative, part of the Inflation Reduction Act’s efforts to combat high drug costs, has seen AstraZeneca lose a significant court case, emphasizing the administration’s determination to uphold the legislation. The drugs under negotiation, responsible for over $50 billion in Medicare Part D spending, include major products from Johnson & Johnson, Bristol Myers Squibb, Eli Lilly, Merck, and others. With a potential impact on drug affordability set for 2026, President Biden plans to address this and other healthcare cost reduction efforts in his upcoming State of the Union amidst ongoing opposition from pharmaceutical companies and some congressional Republicans.
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[Source: Endpoints, March 4th, 2024]
