Medicare Drug Price Negotiation: Lower Costs, Better Access
This act aims to lower drug prices for Medicare beneficiaries by allowing the government to negotiate prices with manufacturers. It also mandates drug manufacturers to provide rebates for low-income individuals, directly translating to lower out-of-pocket drug expenses for many citizens. Additionally, the act ensures Medicare plans offer a broader selection of drugs and facilitate access to those not on the standard formulary.
Key points
The government will negotiate Medicare drug prices, potentially reducing costs for patients.
Drug manufacturers will be required to provide rebates for low-income Medicare beneficiaries.
Medicare plans must include at least two drugs in each therapeutic category and allow requests for off-formulary drugs.
Oversight and reporting mechanisms will be implemented to monitor negotiation effectiveness and savings.
Expired
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