Biden Says New Caps Will Save Seniors Money On Prescriptions Next Year
President Joe Biden touted savings that Medicare beneficiaries are expected to see next year on some prescriptions drugs. As part of the Inflation Reduction Act, starting Jan. 1 pharmaceutical companies can be penalized for raising prices faster than inflation.
USA Today:
Biden Touts Prescription Drug Savings For Older Americans
Medicare enrollees next year could save on dozens of medications under a federal law that penalizes pharmaceutical companies if they raise prices faster than the rate of inflation, the Biden administration announced Thursday. Officials with Medicare, the federal health program for adults 65 and older, issued a list of 48 drugs including blood thinners, antibiotics and cancer medications administered at a doctor's office, clinic or hospital, saying that potential savings on these "Part B" medications would range from $1 to $2,786 per dose, beginning Jan. 1, depending on an individual's coverage. (Alltucker, 12/14)
Bloomberg:
Biden Touts Drug Rebates As Bid To Crack Down On ‘Price Gouging’
President Joe Biden looked to rally support among seniors with an event highlighting new government caps on prescription drug prices, saying the effort would help “crack down on price gouging.” “Simply it’s a rip off,” Biden said Thursday at the National Institutes of Health, targeting pharmaceutical makers who raise the price of drugs at a faster rate than inflation. “They’re ripping off Medicare. They’re ripping off the American people.” (Jacobs and Sink, 12/14)
More on the high cost of drugs and health care —
The Washington Post:
Older Americans Are Increasingly Working After Retirement
Americans 65 and over are playing a larger role in the labor force, shifting the composition of U.S. workers and reflecting a new reality where retirement has become a more gradual process for many. The share of older Americans who are working, by choice or necessity, has doubled in the past 35 years, according to a report released Thursday by the Pew Research Center. Workers 65 and over also are working longer hours and making more money than they were in the past. (Bhattarai, 12/14)
The Washington Post:
Now Healthy Food And Exercise May Qualify For HSA And FSA Funds
You can now use your pretax dollars to pay for certain types of healthful foods, gym memberships and even fitness trackers. Health Savings Accounts (HSAs) and Flexible Savings Accounts (FSAs) allow you to set aside money on a pretax basis to pay for “qualified medical expenses,” including medical, dental, prescription and vision bills. But many people don’t realize they may be eligible to spend the funds on a range of other options, including certain meal kits, gym memberships, protein powders, supplements, fitness trackers and even saunas. (O'connor and O'Hagan, 12/13)
Reuters:
Ex-Pharma Exec Shkreli Urges US Appeals Court To End Lifetime Ban
Former drug company executive Martin Shkreli on Thursday urged a U.S. appeals court to strike down an order permanently banning him from the pharmaceutical industry. Shkreli's attorney Kimo Peluso told a 2nd U.S. Circuit Court of Appeals panel in New York that the ban, imposed last year over Shkreli's efforts to curb generic drug competitors, was too broad. (Scarcella, 12/14)
In news from Capitol Hill —
Roll Call:
DeGette In Line For Key Democratic Spot On Health Panel
Rep. Anna G. Eshoo’s decision to retire at the end of this term will leave a key Democratic vacancy on the powerful Energy and Commerce Health Subcommittee, and while it’s unclear who will take over her post, early signs point to longtime committee member Diana DeGette of Colorado. (Cohen and Clason, 12/14)
The Texas Tribune:
Crenshaw’s Psychedelic PTSD Treatment Bill Passes
Tucked within Congress’ colossal annual defense bill is a priority a vocal group of Texas conservatives has long pushed: Using psychedelics to treat post-traumatic stress disorder. The U.S. House voted Thursday to pass the annual National Defense Authorization Act, which sets the spending caps and policy priorities for the Defense Department. Included in the bill was U.S. Rep. Dan Crenshaw’s Douglas Mike Day Psychedelic Therapy to Save Lives Act, legislation that will direct the Defense Department to create grants for studying psychedelic treatments for active duty service members. (Choi, 12/14)
Stat:
In Diabetes Hearing, Sanders Takes On A New Foe: Food Makers
Sen. Bernie Sanders (I-Vt.) has a new corporate target: the food industry. Sanders held a hearing today on diabetes that implicated both the food and drug industries in what the American Diabetes Association estimates is a $413 billion annual cost to the health care system. That’s up 27% over the past six years, he said, and he warned that new weight loss drugs could send health care spending to the stratosphere. (Wilkerson, 12/14)
KFF Health News and Cox Media Group:
‘Until It Is Fixed’: Congress Ramps Up Action On Social Security Clawbacks
The Senate Finance Committee is ramping up oversight of Social Security’s overpayment problem and plans to meet with the agency every month “until it is fixed.” The Social Security Administration assured lawmakers in the past that it had been addressed, but “what you all found in your reporting is that the problem hadn’t been fixed,” Finance Committee Chair Ron Wyden (D-Ore.) said in an interview. (Hilzenrath and Fleischer, 12/15)
