Biden's Big Push To Lower Rx Costs Just Got Real
This week the process of negotiating drug prices formally began, although it's going to be a while before those discounts start showing up in Medicare
Last week the Biden administration's efforts to reduce prescription drug prices in Medicare took a big step forward when HHS officially announced the 1st drugs whose prices it will be negotiating directly with manufacturers.
A lot of people don't seem to realize what is happening or why it's so important -- which, to be fair, has a lot to do with the fact that it's going to be a while (2026) before newly discounted prices show up in Medicare and, even then, it will only be for some drugs that fit certain narrow categories.
I.e., we'll still be a long ways off from negotiating all drug prices, the way they do overseas. Not coincidentally, we'll still be paying the highest name-brand Rx prices in the world.
Still, as you've heard me say before, that's how change happens in the U.S. -- for better or worse, depending on your perspective.
I previewed the announcement and talked about its significance at HuffPost…
…and then wrote up the announcement once it was official.
https://www.huffpost.com/entry/biden-medicare-drug-negotiations-list_n_64ed0ab8e4b084283f267029
After that, Brian Lehrer had me on his WNYC talk show to discuss, which was really cool because he asks terrific questions.
Also, hearing all of those New Yorkers call in to the show made me think of my family, which traces its genetic lineage to Brooklyn.
https://www.wnyc.org/story/medicare-drug-price-negotiations-edge-closer-beginning/
Speaking of my Brooklyn heritage, it’s Labor Day, which always makes me think of my Grandma Rose — who, in addition to being an extraordinary grandmother, was a proud member of the New York teachers union.
Happy Labor Day everyone!