Drug Companies Submit Counteroffers in Pricing Negotiation

President says Medicare continues negotiating drug prices to reduce costs.

President Joe Biden reported that drugmakers have submitted counteroffers this week for Medicare’s new price negotiation program, beginning discussions about the price of the first ten selected drugs.

“This is an important milestone in our fight to give seniors the best possible deal on their prescription drugs and in lowering health care costs for all families,” President Biden said.

“We are committed to constructive dialogue and are glad the drug companies are coming to the table,” said Health and Human Services Secretary Xavier Becerra. “These are good-faith, up-front negotiations.“

Medicare was authorized to negotiate drug prices under the 2022 Inflation Reduction Act to reduce the inflated costs of essential drugs. The agency selected ten drugs to start negotiating in August 2023, which include blood clot medications and insulin pens. These drugs are usually manufactured for less than a dollar per dose but are priced at over a hundred dollars each.

As the Lord Leads, Pray with Us…

  • For the president and health secretary as they oversee the prescription price negotiations.
  • For Administrator Chiquita Brooks-LaSure to receive God’s guidance as she heads the Centers for Medicare and Medicaid Services.

Sources: Reuters, Department of Health and Human Services


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