All the manufacturers of the first ten drugs selected to be part of the Medicare price negotiations have agreed to participate in the program.
"For decades, drug companies in America made record profits while big pharma worked to block Medicare from being able to negotiate lower drug prices for seniors. In fact, Americans now pay two to three times more than people in other countries for the exact same prescription drug made by the exact same company," President Joe Biden said. "So, my administration finally took a step to change that."
The new prices, which will be decided following the negotiations between the drug companies and the Centers for Medicare and Medicaid Service, will take effect in 2026.
- Fiasp; Fiasp FlexTouch; Fiasp PenFill; NovoLog; NovoLog FlexPen; NovoLog PenFill
They are used to treat several conditions, including heart disease, diabetes, and rheumatoid arthritis.
While the drug companies have agreed to participate, they are also involved in several lawsuits against the program, claiming it is unconstitutional by giving the government the power to fix prices. They claim that negotiations will result in lower profits and decreased spending on the research and development of new drugs.