Cracking Down on Big Pharma: Biden Administration Takes Action to Lower Drug Costs
The Biden administration announced that hundreds of thousands of older Americans will pay less for certain outpatient drug treatments starting next year. Under a new law, drugmakers will have to pay rebates to the federal government for drugs whose prices increased faster than inflation. The rebates will be used to lower the prices for Medicare enrollees. This is the first time drugmakers will face penalties for outpatient drug treatments. The list of drugs includes chemotherapy treatments and growth hormones, and the savings for Medicare enrollees could range from $1 to $2,700. The Biden administration has been taking steps to lower drug prices and plans to make it a central theme of the president's reelection campaign.
- Older Americans to pay less for some drug treatments as drugmakers penalized for big price jumps The Associated Press
- Biden administration to impose inflation penalties on dozens of drugs Reuters
- Biden to tout efforts to lower prescription drug costs in NIH visit The Hill
- It's Time to Tell the Government We're Sick of Big Pharma's Racket Newsweek
- Drug companies owe Medicare refunds for dozens of drugs Spectrum News NY1
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