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Drugmakers Submit Counteroffers in Medicare Price Negotiations

In a significant step towards reducing prescription drug costs for seniors, all ten drug manufacturers involved have submitted counteroffers to Medicare's initial pricing proposals.

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WASHINGTON, DC - OCTOBER 23: U.S. President Joe Biden listens as Mark Anthony Thomas, the President & CEO of the Greater Baltimore Committee & Baltimore Tech Hubs coalition, introduces him at an event at the South Court Auditorium in the Eisenhower Executive Office Building at the White House on October 23, 2023 in Washington, DC. During the event Biden spoke on how his administration's "Bidenomics" agenda would invest in technology for people in the United States. (Photo by Anna Moneymaker/Getty Images)

Overview

  • The White House highlights the submission of counteroffers by drug manufacturers as a key phase in Medicare's drug price negotiation program.
  • President Joe Biden emphasizes the importance of this milestone in lowering healthcare costs for millions of seniors.
  • The negotiation process, a result of the 2022 Inflation Reduction Act, marks the first time Medicare can directly negotiate drug prices.
  • A federal judge recently upheld the law enabling these negotiations, dismissing a legal challenge by AstraZeneca.
  • The negotiation process is scheduled to conclude by August 1, with the aim of making prescription drugs more affordable.