Drug Price Reductions for Medicare Patients to Come Next Month

New drug price decreases of the Inflation Reduction Act will go into effect next month. The first drug to be affected by the legislation is insulin, which will be capped at $35 a month for Medicare recipients. In addition, the changes this coming month will remove insulin deductibles. Next July, the cost of insulin pumps will also be capped at $35.

According to Susan Catron and Casey Quinlan, “The bill also requires pharmaceutical companies to pay rebates for drugs where prices surpass inflation for Medicare Part D and mandates that the government negotiate drug prices on some prescription drugs for people who have Medicare — the first time Medicare has been given that power. While it’s unclear how many people will ultimately benefit from the various changes, 49 million people are enrolled in Medicare Part D plans, according to the Kaiser Family Foundation.”

To read more, click here.

(Source: The Current, December 4^th, 2022)