Strengthening Medicare Drug Price Negotiation: More Savings, Faster Access.
This bill strengthens Medicare's drug pricing program to reduce prescription costs for seniors and taxpayers. It achieves this by repealing the ban on Medicare negotiating prices for Part D drugs and significantly increasing the number of drugs eligible for negotiation on an accelerated timeline. These changes aim to bring lower drug prices to beneficiaries sooner, impacting personal finances positively.
Key points
Medicare Part D Negotiation: Medicare is granted the authority to negotiate prices for prescription drugs covered under Part D, a power previously prohibited.
Accelerated Negotiation: The number of drugs selected for price negotiation is increased (e.g., from 10 to 20 initially), and the timeline for eligibility is shortened from 7 or 11 years to 3 years.
Lower Price Ceilings: The maximum allowable negotiated prices (Maximum Fair Price) are lowered for certain categories of drugs, particularly older ones (e.g., from 65% to 55% or 40% to 30% of the original price).
Expired
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