The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

Biden administration to lower costs for 64 drugs through inflation penalties on drugmakers

by admin June 29, 2024
June 29, 2024
Biden administration to lower costs for 64 drugs through inflation penalties on drugmakers

The Biden administration on Wednesday said it will impose inflation penalties on 64 prescription drugs for the third quarter of this year, lowering costs for certain older Americans enrolled in Medicare. 

President Joe Biden has made lowering U.S. drug prices a key pillar of his health-care agenda and reelection platform for 2024. A provision of Biden’s Inflation Reduction Act requires drugmakers to pay rebates to Medicare, the federal health program for Americans over age 65, if they hike the price of a medication faster than the rate of inflation. 

It is separate from another provision under the law that allows Medicare to negotiate lower prescription drug prices with manufacturers. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to the Biden administration.

Some patients will pay a lower coinsurance rate for the 64 drugs covered under Wednesday’s announcement, which fall under Medicare Part B, for the period from July 1 to Sept. 30 “since each drug company raised prices faster than the rate of inflation,” according to a release from the administration.

Some Medicare Part B patients may save as much as $4,593 per day if they use those drugs during the quarter, the release added.  

More than 750,000 Medicare patients use the drugs each year, according to the release. The medications treat conditions such as cancer, certain infections and a bone disease called osteoporosis.

“Without the Inflation Reduction Act, seniors were completely exposed to Big Pharma’s price hikes. Not anymore,” Neera Tanden, White House domestic policy advisor, said in the release.

The Centers for Medicare & Medicaid Services plans to send the first invoices to drugmakers in 2025 for the rebates owed to the program.

In December, Biden released a list of 48 prescription drugs that would be subject to inflation penalties during the first quarter of 2024.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Inflation vs. wages: How rising prices stack up against growing pay
next post
NFL hit with $4.8 billion in damages over ‘Sunday Ticket’ antitrust case

Related Posts

Wealthy investors find opportunities in stock market sell-offs

August 13, 2024

Trump-Bezos call sets stage for tense earnings report...

May 1, 2025

Three Disney films could top $1 billion this...

August 10, 2024

Tesla’s Cybertruck recalled for a fourth time over...

June 27, 2024

Boeing factory strike crosses 1-month mark as pressure...

October 16, 2024

Babies R Us is back: Here’s why Kohl’s...

August 2, 2024

Federal Reserve minutes indicate worries over lack of...

May 23, 2024

Dow closes more than 570 points higher to...

June 1, 2024

Clothing chain Bob’s Stores closing after 70 years

July 5, 2024

TSA airport screenings hit an all-time high

June 29, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Microsoft says goodbye to the Windows blue screen of death

      July 1, 2025
    • Home Depot is buying GMS for about $4.3 billion as retailer chases more home pros

      July 1, 2025
    • Home Depot is buying GMS for about $4.3 billion as it chases more home pros

      July 1, 2025
    • Google makes first foray into fusion in venture with MIT spinoff Commonwealth Fusion Systems

      July 1, 2025
    • The Best Five Sectors, #25

      July 1, 2025
    • Pullbacks & Reversals: Stocks Setting Up for Big Moves!

      July 1, 2025

    Categories

    • Business (1,276)
    • Politics (3,883)
    • Stocks (1,480)
    • Uncategorized (45)
    • World News (1,269)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved