Posted on Jul 28, 2023
What's a fair price for a prescription drug? Medicare's about to weigh in
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https://www.npr.org/sections/health-shots/2023/07/28/ [login to see] /medicare-prescription-drug-price-negotiation
Drugmakers around the globe are bracing for a major shakeup in how one of their largest customers does business. On Sept. 1, Medicare will target its first 10 drugs for historic price negotiations. The medications are sure to be among the country's costliest and will likely include common treatments for cancer and diabetes.
The negotiations could save the federal government nearly $100 billion by 2031 and slash some prices Medicare pays by half. They are also the subject of multiple lawsuits by major drugmakers including Merck and Johnson & Johnson.
The power to negotiate prices directly with drug companies is one Medicare has never before had in its 58-year history. Exercising that power requires the government to grapple with a difficult question: What makes a drug price fair?
Drugmakers around the globe are bracing for a major shakeup in how one of their largest customers does business. On Sept. 1, Medicare will target its first 10 drugs for historic price negotiations. The medications are sure to be among the country's costliest and will likely include common treatments for cancer and diabetes.
The negotiations could save the federal government nearly $100 billion by 2031 and slash some prices Medicare pays by half. They are also the subject of multiple lawsuits by major drugmakers including Merck and Johnson & Johnson.
The power to negotiate prices directly with drug companies is one Medicare has never before had in its 58-year history. Exercising that power requires the government to grapple with a difficult question: What makes a drug price fair?
What's a fair price for a prescription drug? Medicare's about to weigh in
Posted from npr.org
Drugs
Pharmaceuticals
Medical
Health
Economics
Posted >1 y ago
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Good afternoon PO1 William "Chip" Nagel. Excellent post. Thank You for sharing this shipmate.
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It’s the same BS with Tricare negotiating with drug store chains. A number of years ago I switched from CVS to Kroger because CVS and Tricare couldn’t come to a deal. Switched from Kroger to CVS since Kroger/Tricare couldn’t come to an agreement. Total Nonsense.
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It has long been known that there are two different worlds when it comes to Government and the private sector…… the Government world always gets the shaft due to regulation, lack of regulation, apathy or corruption. It is absolutely right that Medicare should be able to negotiate but I have long suspected that it was not as lucrative for certain stock portfolios to do so (corruption). We had a 1500 sg ft addition on a federal building that took almost 11 months to complete……. During that same time, the McDonalds two blocks away was torn completely down, rebuilt and serving burgers in just under 6 months. Private sector contracts are completed in time or completed at a loss for the contractor. Government contracts run over completion date and budget at the expense of the tax payers (apathy and corruption sometimes). There is one reason Medicare should spend more for drugs than Blue Cross or any other major insurer. Thanks for the informative and non-divisive post.
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