CMS discounts dozens of drugs to thwart price hikes
The Centers for Medicare & Medicaid Services (CMS) announced a new list of drugs that will be discounted for patients covered by Medicare. The drugs will be discounted for seniors through September, as a move to curb a pharmaceutical price hike.
The reduction is made possible by parts of the Inflation Reduction Act (IRA). The full list of dozens of drugs can be found here, along with exact numbers on how much co-insurance payments will be reduced. The drugs are used to treat a variety of conditions, from infections to osteoporosis.
Pharmaceutical companies will also be obligated to pay rebates to Medicare for their price hikes if they outweigh inflation, as part of the IRA.
“The federal government intends to invoice drug manufacturers for 2023 and 2024 Part B inflation rebates no later than fall 2025. The rebates will be deposited into the Medicare Trust Fund. In addition, beginning April 1, 2023, people with Medicare may see lower out-of-pocket costs for certain Part B drugs and biologicals with prices that have increased faster than the rate of inflation,” the statement from CMS said.
More than 750,000 patients covered by Medicare will save $1 to up to $4,593 per day with this discount, CMS added.
The discounts go into effect on July 1.
Chad is an award-winning writer and editor with over 15 years of experience working in media. He has a decade-long professional background in healthcare, working as a writer and in public relations.