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The White House has sent initial negotiation offers to pharmaceutical companies for the first 10 prescription drugs selected for price negotiation under the Inflation Reduction Act, according to Sen. Peter Welch. The drugs, selected in August, are used to treat common ailments and severe conditions, and the companies have until early March to accept the offers or propose counteroffers. The Medicare Drug Price negotiation program, a key long-term cost-saving feature of the Act, gives Medicare the authority to negotiate pricing for up to 60 medicines, making them more affordable for patients.
Medicare initiates price negotiation for key prescription drugs, says Sen. Peter Welch
Sen. Peter Welch (D-Vt.) has welcomed the recent move by the White House to initiate price negotiations for the first 10 prescription drugs under the Medicare Drug Price negotiation program, as part of the Inflation Reduction Act (IRA). The selected drugs, identified last August, include those used to manage common health concerns and severe conditions such as diabetes, coronary disease, and rheumatoid arthritis. Pharmaceutical firms have until early March to respond to these initial offers or suggest counteroffers.
“The potential for Medicare to negotiate prescription drug prices is a notable achievement, especially for Vermonters who have been unduly burdened by the excessive prices and greed of Big Pharma,” Welch stated. “This initial bid by Medicare is a monumental first step towards reducing drug costs. No one should be forced into the harsh choice of meeting basic needs or affording necessary prescriptions, and that is the core of our battle.”
The Medicare Drug Price negotiation program, a key cost-saving component of the IRA, empowers Medicare to negotiate prices for up to 60 medications, aiming to make essential drugs more affordable for patients. Aspects of a bill to lift the ban on Medicare negotiating lower prescription drug prices for Medicare’s 50 million seniors, initially introduced by Welch and Sen. Amy Klobuchar during Welch’s service in the U.S. House of Representatives, have been adopted into the legislation.
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