The Biden administration on Feb. 1 sent out initial offers to the manufacturers of 10 of the most expensive and commonly used drugs as part of the first round of negotiations aimed at lowering medication prices for millions of Americans.
The U.S. Department of Health and Human Services (HHS) announced the launch of the first cycle of the “Medicare Drug Price Negotiation Program” in a press release. However, it did not specify the initial offers made to pharmaceutical companies in the government’s negotiations.
Officials noted that under the Inflation Reduction Act, signed into law by President Joe Biden in 2022, Medicare now has the authority to directly negotiate prescription drug prices with drug companies, a practice similar to that of the Department of Veterans Affairs and other federal agencies.
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