June 21, 2024 The New York Times has begun a new series about how pharmacy benefit managers prioritize their own interests at the expense of patients, employers, and the public. Part one, entitled "The Opaque Industry Secretly Inflating Prices for Prescription Drugs," was published June 21, 2024. According to the Times:"The three largest pharmacy benefit managers, or P.B.M.s, act as middlemen overseeing prescriptions for more than 200 million Americans. They are owned by huge health care conglomerates — CVS Health, Cigna and UnitedHealth Group — and are hired by employers and governments."The job of the P.B.M.s is to reduce drug…
Update: Medicare Drug Price Negotiations Moving Forward
Negotiations between the federal government and the manufacturers of ten prescription drugs over prices for the Medicare program are moving forward. The American Hospital Association reported on Oct. 3, 2023 ("CMS: Makers of selected drugs agree to participate in Medicare price negotiation"):"The companies that make the first 10 Medicare Part D drugs selected to participate in the Medicare Drug Price Negotiation Program have agreed to participate in the program’s price negotiations, the Centers for Medicare & Medicaid Services announced. CMS in August selected 10 high-cost drugs for the first negotiation cycle, which will run until next August for prices effective in…
List of Drugs For Which Medicare Will Negotiate Prices Announced
September 1, 2023 On August 30, 2023, Kaiser Health News reported ("5 Things to Know About the New Drug Pricing Negotiations"):"The Biden administration has picked the first 10 high-priced prescription drugs subject to federal price negotiations, taking a swipe at the powerful pharmaceutical industry. It marks a major turning point in a long-fought battle to control ever-rising drug prices for seniors and, eventually, other Americans."Under the 2022 Inflation Reduction Act, Congress gave the federal government the power to negotiate prices for certain high-cost drugs under Medicare. The list of drugs selected by the Centers for Medicare & Medicaid Services will…