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A Big Day for Drug Prices. Maybe.
Medicare today announced the first list of 10 drugs that it has chosen to include in the price-negotiation process authorized by the Inflation Recovery Act. The list applies to drugs covered by Part D plans.
Lawsuits from drug companies and others seek to invalidate the price negotiation section of the law. And the negotiated prices, if the law is upheld, won’t become effective until 2026. Still, this is an important step that is already affecting the drug industry.
Everyone is writing about this, so I won’t go into the details. But I do want to share a table naming the 10 drugs, how much they cost Medicare, and how many people take them. It clearly shows the scale of this issue.
Journalist Philip Moeller is the principal author of Simon & Schuster’s Get What’s Yours series of books about Social Security, Medicare, and health care. He is working on a new edition of his Medicare book.