The negotiation process won't begin until early 2024, and new prices won't be implemented until two years later.
On Tuesday, the Biden administration announced that all prescription drug manufacturers representing the 10 medications selected for negotiation through Medicare under a newly enacted policy have agreed to take part in the process, which should formally begin early next year.
Negotiation on prescription drug prices through Medicare was passed last year as part of the Inflation Reduction Act. Most Americans support the government having the ability to negotiate the costs of medication; a recent poll found that 76 percent back the idea,Drug companies had until the start of this month to decide whether they’d take part in negotiations.
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