Medicare to Lower Drug Costs for Beneficiaries with Penalty for Pfizer Drugs

Medicare beneficiaries could pay less for 27 prescription drugs covered under Part B starting April 1, due to the implementation of provisions in the Inflation Reduction Act passed by Congress last August. The cost reduction applies to certain drugs and biologicals that are administered in a hospital or other clinical setting and could save beneficiaries between $2 and $390 per average dose. The law requires pharmaceutical manufacturers to pay a rebate to the Medicare program if their drug prices rise faster than the rate of inflation.