Pharma Industry’s Response Monitored To Drug Pricing Measures
Roll Call reports on mixed forecasts on whether drugmakers will shift costs to private markets to offset losses from Medicare negotiations. News outlets explore other ways the bill — which is expected to get a House vote Friday — will impact consumers.
Roll Call:
Senate's Medicare Drug Pricing May Ripple Into Private Market
Congress is on the verge of passing historic drug pricing legislation that would allow the government to restrict prices for drugs covered by Medicare, but experts disagree on whether drugmakers will shift those costs to the private market. (Clason and Hellmann, 8/10)
Reuters:
Pelosi Says U.S. House Will Pass Inflation Reduction Act On Friday
U.S. House Speaker Nancy Pelosi said on Wednesday the House of Representatives would pass the Inflation Reduction Act on Friday. In a letter to Democratic colleagues, Pelosi called the $430 billion climate, tax and healthcare bill approved by the Senate over the weekend "life-changing legislation." (8/10)
Health Affairs:
Understanding The Democrats’ Drug Pricing Package
The IRA’s drug pricing reforms include Medicare drug price negotiation, Medicare inflationary rebates, and Medicare Part D redesign; together they represent the achievement of policy goals sought by Democrats for decades. At the same time, the IRA’s drug pricing reforms are narrower than those in reform bills introduced by Democrats over the last few years. (Sachs, 8/10)
KHN and Politifact:
No, The Senate-Passed Reconciliation Bill Won’t Strip $300 Billion From Medicare
As Senate Democrats raced to pass what could be their final piece of major legislation before the midterm elections, critics went to the airwaves to blast the proposal as hurting older Americans who rely on Medicare. ... The ad misleadingly paints what is more accurately characterized as nearly $300 billion in savings for consumers and taxpayers. (Jacobson, 8/11)
More on how the Inflation Reduction Act could affect you —
NPR:
The Inflation Reduction Act: What The Bill Will Actually Mean For Inflation
The massive climate, health care and tax bill making its way toward President Biden's desk is called the Inflation Reduction Act. But how much does it actually do to slow consumer prices that are climbing at their fastest pace in about 40 years? (Kim, 8/11)
USA Today:
'Significant Victory': How The Inflation Reduction Act Would Save Medicare Drug Costs
David Mitchell, founder of Patients For Affordable Drugs Now, said the Democrats' sweeping climate and health care bill, called the Inflation Reduction Act, is a hard-fought win for patients like himself. "It's a monumental change – a really significant victory," Mitchell told USA TODAY. Mitchell pays more than $16,000 each year for a prescription drug he takes to treat multiple myeloma, a type of blood cancer he's battled for over a decade. He said the annual $2,000 cap on prescription drug spending is "going to make a big difference." (Alltucker, 8/11)
CNET:
3 Ways The Inflation Reduction Act Could Save You Money On Health Care
Here's how the Inflation Reduction Act could save you money on your health care costs. 1. Allows Medicare to negotiate prescription drug prices. To address the cost of prescription drugs, the bill would let Medicare annually negotiate prices with pharmaceutical companies on 10 pricey medications, starting in 2026. Fifteen more high-cost and high-use drugs would be added the following year, another 15 in 2028, and 20 more drugs would make the list in 2029. (Avery, 8/9)
On the future for Medicare costs and premiums —
Politico:
Health Care Providers Are Shouldering Rising Costs. That Could Change Soon
While the economy as a whole has experienced record-breaking inflation this year, price increases in the health care sector have been relatively subdued — a trend that could end soon as Medicare and other payers adjust to new economic realities. Rising costs, such as labor, have largely not translated to higher medical prices, in part because they took economic forecasters by surprise. Rates set by Medicare and insurers, which are a key driver of health care costs, are negotiated months in advance and are based on forecasts that largely did not anticipate the current burst of inflation. (Doherty, 8/10)
CBS News:
With Inflation Still Running Hot, Social Security Recipients Could See $1,900 Boost Next Year
Many seniors got slammed this year when the 5.9% cost-of-living adjustment failed to match inflation — and then got walloped again due to a 14.5% premium hike for Medicare's Part B, which covers doctor visits and outpatient care, as well as some drugs. Medicare costs surged because of the plan's coverage of the costly and controversial Alzheimer's drug Aduhelm. But Medicare has said it would restrict use of Aduhelm, while its manufacturer cut the drug's price. Because of those developments, it's possible that Part B premiums may not increase much in 2023, Johnson said.(Picchi, 8/10)
