Biden Administration Unveils Results of First Medicare Drug Price Negotiation

The Biden administration has revealed the outcomes of its inaugural Medicare drug price negotiation, a historic move expected to reduce out-of-pocket costs for seniors by an estimated $1.5 billion when the lower prices take effect in 2026. The federal government is also projected to save $6 billion. The initial negotiations targeted 10 of the most widely used and costly drugs for Medicare enrollees. Despite legal challenges from drug makers, the program, authorized by the 2022 Inflation Reduction Act, has proceeded successfully.