CMS Announces Timeline for Medicare Drug Price Negotiation Policies

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The Centers for Medicare and Medicaid Services (CMS) this week announced the timeline and mechanisms for Medicare drug price negotiation policies. This is a step towards unshackling Medicare and delivering on the promise of drug pricing fairness.

The Inflation Reduction Act empowers Medicare to negotiate the price of prescription drugs. These provisions, along with reforms that are already in effect to cap insulin costs and ensure free access to vaccines, will reduce costs for millions of seniors across the country.

“[This] announcement is a critical step towards unshackling Medicare and delivering on the promise of drug pricing fairness,” stated Senate Finance Committee Chair Ron Wyden, D-Ore. “The Inflation Reduction Act finally empowers Medicare to negotiate the price of prescription drugs.

“These historic provisions, along with reforms that are already in effect to cap insulin costs and ensure free access to vaccines, will reduce costs for millions of seniors across the country. I look forward to working with Administrator Brooks-LaSure and the entire Biden administration as these critical policies go into effect and deliver lower drug prices to American families.”

More information on the announcement can be found here.

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