Drugs picked for Medicare price negotiations to be announced on Tuesday – Politico
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The Biden administration is expected to announce the first 10 drugs that will be subject to Medicare price negotiations on Tuesday before the markets open, Politico reported, citing people familiar with the plans.
The move, introduced as part of last yearâs Inflation Reduction Act, allows the Department of Health and Human Services (HHS) to negotiate drug prices for Medicare Part D beneficiaries for the first time in history.
While revised drug prices will not take effect until 2026, the Centers for Medicare & Medicaid Services (CMS) is required to finalize the initial 10 drugs that will be subject to negotiations by September 1.
The Biden administration has reportedly favored a pre-market announcement, given the potential impact on share prices of affected drug developers.
After the announcement, the White House has scheduled an event for Tuesday afternoon to publicize the program. The gathering is set for 2 p.m., Politico reported, citing an invitation.
A White House official confirmed the event but refused to specify the date on which the list of drugs would be made public. According to the people, the plans are not finalized, and the timing could still change.
Leading drugmakers: Pfizer (NYSE:PFE), Merck (NYSE:MRK), Bristol-Myers Squibb (NYSE:BMY), Eli Lilly (LLY), AstraZeneca (AZN), GSK (GSK), Sanofi (SNY) (OTCPK:SNYNF), Novo Nordisk (NVO), Abbott (ABT), AbbVie (NYSE:ABBV), Gilead (GILD), Johnson & Johnson (JNJ), Biogen (BIIB), Amgen (AMGN) and Novartis (NVS) (OTCPK:NVSEF)
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