President Trump signed an executive action to reduce prescription drug prices, focusing on improving Medicare drug price negotiations established by the Inflation Reduction Act. This action aims to benefit seniors by increasing the number of drugs whose prices can be negotiated over time. However, consumers will not see immediate benefits, with lower prices expected to roll out by 2026 for existing negotiations and by 2027 for the new initiatives. Additionally, there are potential tariff implications on imported pharmaceuticals that may affect overall medication costs.
"We are confident we will eclipse the savings the Biden administration achieved in the first year," the official said, indicating expectations for significant price reductions under the new plan.
Medicare negotiated the prices of 10 drugs in 2024, and it will negotiate 15 more this year, including for Ozempic, the blockbuster diabetes medicine.
In some cases, patients would pay 3 cents a vial for insulin; injectable epinephrine would cost $15 for auto-injector under the program.
The findings could be a precursor to tariffs as the Secretary of Commerce investigates the national security effects of the importation of drugs and drug ingredients.
Collection
[
|
...
]