President Joe Biden on Tuesday announced that 10 blockbuster, high-cost prescription drugs will be subject to price negotiation by Medicare — the first time that the federal government has been allowed to leverage its massive bargaining power to lower drug prices. The provision was one of several included in the Inflation Reduction Act passed last year that’s designed to lower drug costs for both Medicare beneficiaries and the federal government, which, taken together, will reduce the federal deficit by $237 billion by 2031, according to the Congressional Budget Office.
Marylanders may see lower prices for 10 costly, blockbuster drugs. Here’s why.
August 30, 2023