CMS Unveils Guidance For Medicare Drug Price Negotiation.

March 15, 2023

Reuters (3/15, Aboulenein, Erman) reports the federal “government will select the Medicare program’s 10 costliest prescription medicines based on gross spending for negotiating price cuts that will go into effect in 2026, the U.S. Centers for Medicare and Medicaid Services (CMS) said on Wednesday.” The agency “will only accept one formal written counter offer during the negotiation process, but will allow up to three additional in-person or virtual negotiation meetings, the agency said in initial guidance issued on Wednesday for its Medicare drug price negotiation program,” which was set up as part of the Inflation Reduction Act. HHS Secretary Xavier Becerra stated, “Through the Medicare Drug Price Negotiation Program, we will make sure seniors get a fair price on Medicare’s costliest prescription drugs, promote competition in the market, and ensure Medicare is strong for beneficiaries today and into the future.”

Last modified on 03/17/2023

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