{"id":5627,"date":"2024-06-28T16:04:16","date_gmt":"2024-06-28T16:04:16","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/06\/28\/biden-administration-to-lower-costs-for-64-drugs-through-inflation-penalties-on-drugmakers\/"},"modified":"2024-06-28T16:04:16","modified_gmt":"2024-06-28T16:04:16","slug":"biden-administration-to-lower-costs-for-64-drugs-through-inflation-penalties-on-drugmakers","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/06\/28\/biden-administration-to-lower-costs-for-64-drugs-through-inflation-penalties-on-drugmakers\/","title":{"rendered":"Biden administration to lower costs for 64 drugs through inflation penalties on drugmakers"},"content":{"rendered":"<p class=\"\">The Biden administration on Wednesday said it will impose\u00a0inflation penalties\u00a0on 64 prescription drugs for the third quarter of this year,\u00a0lowering costs\u00a0for certain older Americans enrolled in Medicare.\u00a0<\/p>\n<p class=\"\">President\u00a0Joe Biden\u00a0has made lowering U.S. drug prices a key pillar of his health-care agenda and\u00a0reelection platform\u00a0for 2024. A\u00a0provision\u00a0of Biden\u2019s Inflation Reduction Act requires drugmakers to pay rebates to Medicare, the federal health program for Americans over age 65, if they hike the price of a medication faster than the rate of inflation.\u00a0<\/p>\n<div><\/div>\n<p class=\"\">It is separate from another provision under the law that allows Medicare to\u00a0negotiate\u00a0lower prescription drug prices with manufacturers.\u00a0On average, Americans\u00a0pay two to three times more\u00a0than patients in other developed nations for prescription drugs, according to the Biden administration.<\/p>\n<p class=\"\">Some patients will pay a lower coinsurance rate for the 64 drugs covered under Wednesday\u2019s announcement, which fall under Medicare Part B, for the period from July 1 to Sept. 30 \u201csince each drug company raised prices faster than the rate of inflation,\u201d according to a release from the administration.<\/p>\n<p class=\"\">Some Medicare Part B patients may save as much as $4,593 per day if they use those drugs during the quarter, the release added.\u00a0\u00a0<\/p>\n<p class=\"\">More than 750,000 Medicare patients use the drugs each year, according to the release.\u00a0The medications treat conditions such as cancer, certain infections and a bone disease called osteoporosis.<\/p>\n<p class=\"\">\u201cWithout the Inflation Reduction Act, seniors were completely exposed to Big Pharma\u2019s price hikes. Not anymore,\u201d Neera Tanden, White House domestic policy advisor, said in the release.<\/p>\n<p class=\"\">The Centers for Medicare &amp; Medicaid Services plans to send the first invoices to drugmakers in 2025 for the rebates owed to the program.<\/p>\n<p class=\"endmark\">In December, Biden\u00a0released a list\u00a0of 48 prescription drugs that would be subject to inflation penalties during the first quarter of 2024.<\/p>\n<\/p>\n<div>This post appeared first on NBC NEWS<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration on Wednesday said it will impose\u00a0inflation penalties\u00a0on 64 prescription drugs for the third quarter of this year,\u00a0lowering costs\u00a0for certain older Americans enrolled in Medicare.\u00a0 President\u00a0Joe Biden\u00a0has made lowering U.S. drug prices a key pillar of his health-care agenda and\u00a0reelection platform\u00a0for 2024. A\u00a0provision\u00a0of Biden\u2019s Inflation Reduction Act requires drugmakers to pay rebates to [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":5628,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/5627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=5627"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/5627\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/5628"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=5627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=5627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=5627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}