Posted by Michael Wonder on 11 Oct 2023
Will Medicare price negotiation delay cancer drug launches?
11 October 2023 - On 29 August 2023, the Biden administration announced the first 10 drugs selected for Medicare price negotiation under the Inflation Reduction Act (IRA) of 2022.
By lowering the prices Medicare pays for some high-cost prescription drugs, the IRA will reduce the maximum achievable revenues for many top-selling products, generating savings for taxpayers and patients. The pharmaceutical industry strongly opposes the price-negotiation program, arguing that reduced revenues from Medicare will slow and distort the pace of innovation, harming both patients and profits.
