Retired Public Employees Council of WA Working to protect and enhance the pension and health care benefits of Washington retired state, county and local government employees
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.
