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FACT SHEET: Biden-Harris Administration Announces
First Ten Drugs Selected for Medicare Price Negotiation
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This action is on top of progress previously made in reducing the cost of insulin to $35 a month for people with Medicare
These selected drugs accounted for $50.5 billion in total Part D gross covered prescription drug costs, or about 20%, of total Part D gross covered prescription drug costs between June 1, 2022 and May 31, 2023, which is the time period used to determine which drugs were eligible for negotiation. CMS will publish any agreed-upon negotiated prices for the selected drugs by September 1, 2024; those prices will come into effect starting January 1, 2026. In future years, CMS will select for negotiation up to 15 more drugs covered under Part D for 2027, up to 15 more drugs for 2028 (including drugs covered under Part B and Part D), and up to 20 more drugs for each year after that, as outlined in the Inflation Reduction Act.
Over the next 4 years, Medicare will negotiate prices for up to 60 drugs covered under Medicare Part D and Part B, and up to an additional 20 drugs every year after that.
[Source: CMS, https://www.cms.gov/files/document/fact-sheet-medicare-selected-drug-negotiation-list-ipay-2026.pdf]
https://www.whitehouse.gov/briefing-room/statements-releases/2023/08/29/fact-sheet-biden-harris-administration-announces-first-ten-drugs-selected-for-medicare-price-negotiation/
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Fact sheet: Biden-Harris administration announces first ten drugs selected for Medicare price negotiation.
https://www.whitehouse.gov/briefing-room/statements-releases/2023/08/29/fact-sheet-biden-harris-administration-announces-first-ten-drugs-selected-for-medicare-price-negotiation/. Published Aug. 29, 2023. Accessed Aug. 29, 2023.
• HHS selects the first drugs for Medicare drug price negotiation.
https://www.hhs.gov/about/news/2023/08/29/hhs-selects-the-first-drugs-for-medicare-drug-price-negotiation.html. Published Aug. 29, 2023. Accessed Aug. 29, 2023.
• Statement by CMS leadership on historic announcement of first selected drugs for Medicare drug price negotiation.
https://www.cms.gov/newsroom/press-releases/statements-cms-leadership-historic-announcement-first-selected-drugs-medicare-drug-price-negotiation. Published Aug. 29, 2023. Accessed
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