STAT+: Biden administration makes opening offers in Medicare drug price negotiations
Medicare will negotiate discounts for each drug ranging from 25% off list price to 60%, depending on how long the drug has been on the market — but there is no…
WASHINGTON — The Biden administration is making its opening offers to pharmaceutical companies in its brand-new Medicare drug price negotiation program on Thursday, administration officials said. And that’s about all they said.
The offers will not be made public unless a manufacturer chooses to publicly disclose information about the talks, a senior administration official said. Companies have until March 2 to either accept the government’s offer or propose a counteroffer. The Biden administration will publish the final prices by Sept. 1 of this year after the negotiation process ends.
The negotiated prices won’t take effect until 2026.
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