Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
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
TAG, You’re It! Rotation Away From Semiconductors Benefiting These Stocks
next post
YouTube is dominating the living room, forcing media companies to decide whether it’s friend or foe

Related Posts

Dow rises 200 points to close at a...

July 18, 2024

CFPB rule to save Americans $10 billion a...

May 10, 2024

Federal student loans this fall will have the highest interest...

May 15, 2024

Stocks fall as comeback rally falters; Dow lower...

August 9, 2024

Dow closes at record high above 40,000 to...

May 19, 2024

An interest rate cut is coming. Here’s what...

August 11, 2024

Amazon to shut down speedy brick-and-mortar delivery service

October 24, 2024

Why Honeywell CEO Vimal Kapur doesn’t think the...

October 15, 2024

Embraer CEO says jet maker studying possibilities for...

October 22, 2024

Costco hikes membership fee for the first time...

July 11, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


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

    Recent

    • Strategic Chaos or Tactical Goldmine? What QQQ’s Chart is Whispering Right Now

      June 5, 2025
    • Why ADX Can Mislead You — And How to Avoid It

      June 5, 2025
    • S&P 500 on the Verge of 6,000: What’s at Stake?

      June 5, 2025
    • Speaker Johnson surprised by Musk’s criticism of ‘big, beautiful bill’: He’s ‘flat wrong’

      June 5, 2025
    • There’s a way to aid Gaza. I know, my foundation just helped deliver 7 million meals… without incident

      June 5, 2025

    Categories

    • Business (967)
    • Investing (2,320)
    • Politics (2,873)
    • Stocks (1,054)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, 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 sportinvestorsleague.com | All Rights Reserved