Medicare Drug Price Negotiation: Lower Costs for Seniors and Low-Income Individuals.
This bill aims to lower prescription drug prices for Medicare beneficiaries, including low-income individuals, by allowing the government to negotiate prices with manufacturers. This could mean significantly reduced out-of-pocket costs for millions of Americans, along with the establishment of standard drug lists to ensure access to essential medications.
Key points
The government will be able to negotiate prescription drug prices under Medicare, potentially leading to substantial savings for patients.
Standard drug lists (formularies) will be established for Medicare, ensuring access to at least two drugs in each therapeutic category.
Drug manufacturers will be required to provide rebates for drugs dispensed to low-income Medicare beneficiaries, further reducing their costs.
Medicare plans must implement a process for enrollees to request coverage for drugs not on the formulary or subject to utilization controls.
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