The Biden administration's landmark price negotiations represent the first federal negotiation of drug prices for Medicare, potentially saving billions for Medicare and taxpayers.
President Biden emphasized that these negotiations bring relief to millions of seniors using medications for chronic conditions and redefines the government's role in Medicare.
The saved amounts were estimated at $6 billion last year alone, impacting nine million seniors who rely on the first ten medications being negotiated.
Enabled by the Inflation Reduction Act, these negotiations allow the federal government to directly negotiate with pharmaceutical companies on drug prices for the first time.
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