If Congress votes to gives Medicare the power to negotiate some drug prices, drug manufacturers would not have to provide price concessions that exceed the lower of a drug’s 340B price or the Medicare negotiated price, according to a summary of draft drug pricing legislation that U.S. Senate Democrats released Wednesday.
Congressional Democrats have been trying since late 2019 to pass a bill to authorize Medicare to negotiate some drug prices, make manufacturers pay the government rebates when drug prices rise faster than inflation, make insulin more affordable, and make drugs more affordable for Part D beneficiaries. The new draft that Senate Democrats released July 6 would be folded into a slimmed down version of what the party used to call its Build Back Better domestic and climate change policy bill. Democrats hope to get it to the Senate floor prior to August recess and pass it before the November elections.
If Congress votes to gives Medicare the power to negotiate some drug prices, drug manufacturers would not have to provide price concessions that exceed the lower of a drug’s 340B price or the Medicare negotiated price, according to a summary of draft drug pricing legislation that U.S. Senate Democrats released Wednesday.
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