Biden admin secures deals with drug companies to reduce prices of 10 costly Medicare drugs, saving $6B for taxpayers and $1.5B for seniors, with new prices effective in 2026.

The Biden administration has announced deals with drug companies to reduce the price of 10 of Medicare's most costly drugs, with an estimated saving of $6 billion for US taxpayers and $1.5 billion for older Americans filling prescriptions. The new prices, affecting medications used for diabetes, blood cancers, and heart failure prevention, will not take effect until 2026. These negotiations are a significant change for the Medicare program, which had been barred from bargaining with pharmaceutical companies over drug prices for decades.

August 15, 2024
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