The power to negotiate the prices comes from the Inflation Reduction Act passed last year. The actual negotiations will occur during the next two years, with prices announced by Sept. 1, 2024. But the lower prices for the drugs won’t begin until 2026.
“When you have the biggest leverage with the biggest drug-buying group in the country — seniors, 50 million of them — get better prices, it affects the whole ecosystem and the marketplace,” Klobuchar said.
This is great news.
Americans have gotten fleeced for decades.
Of course it is. Libbies dont even know the prices yet and they dont even think that big pharma will raise prices on other drugs. But their tds gets the best of their little brains.
“Why did it take so long?” Is definitely the first thought that comes to mind when reading this story.
Average prices for prescription drugs in the United States are much higher than in other parts of the world. While other countries have determined methods for setting prices for drugs, the U.S. government is starting from scratch
This problem is old enough to be on Medicare itself and we’re just now starting from scratch.
It took so long because in order to get Medicare Part D passed way back in the Bush 43 years they made it so it was illegal for Medicare to negotiate prices.
