Medicare Drug Price Negotiation Boost: Lowering Costs for Patients and Taxpayers.
This Act strengthens Medicare's drug price negotiation program, aiming to significantly reduce prescription drug costs for seniors and taxpayers. Key changes include repealing the ban on government negotiation and dramatically increasing the number of drugs subject to price talks. Furthermore, new drugs will become eligible for negotiation much sooner than under current law.
Key points
The federal government gains the authority to negotiate prescription drug prices under Medicare Part D, overturning a previous prohibition.
The number of drugs selected for price negotiation increases from 10 to 20 initially, and up to 40 annually thereafter, leading to greater savings.
The exclusivity period before new drugs become eligible for price negotiation is shortened from 7-11 years to just 3 years.
Expired
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