Monday, April 15, 2024

CMS Releases Revised Guidance for Historic Medicare Drug Price Negotiation Program

CMS Releases Revised Guidance for Historic Medicare Drug Price Negotiation Program

From the Centers for Medicare & Medicaid Services

For the first time in history, Medicare has the ability to directly negotiate the prices of covered prescription drugs due to President Biden’s historic prescription drug law, the Inflation Reduction Act. Today, the Centers for Medicare & Medicaid Services (CMS) released revised guidance detailing the requirements and parameters of the new Medicare Drug Price Negotiation Program for the first round of negotiations, which will occur during 2023 and 2024 and result in prices that will be effective beginning in 2026. Alongside other provisions in the new drug law that increase the affordability of health care and prescription drug costs, the Medicare Drug Price Negotiation Program strengthens Medicare’s ability to serve people with Medicare now and for generations to come.

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View the Medicare Drug Price Program Fact Sheet here

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