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The Biden administration has announced that the prices of 64 prescription drugs for Medicare beneficiaries will be significantly reduced this quarter.

This move follows the implementation of the Inflation Reduction Act (IRA) in 2022, which mandates rebates from drug companies to Medicare if prices rise faster than inflation. Consequently, health officials have adjusted the costs of certain medications, providing savings for beneficiaries.

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From July 1 to September 30, Medicare beneficiaries will benefit from lowered Part B coinsurance rates on the 64 drugs identified which had price increases exceeding inflation rates. This list features treatments such as Bristol Myers Squibb’s Abecma for multiple myeloma and Pfizer’s Adectris for certain lymphomas, among others. According to health officials, over 750,000 Medicare users depend on these medications annually, treating conditions like cancer and osteoporosis.

In a statement, White House Domestic Policy Advisor Neera Tanden said, “Without the Inflation Reduction Act, seniors were completely exposed to Big Pharma’s price hikes. Not anymore. Thanks to President Biden and the new Medicare inflation rebate program, seniors are protected and benefitting from lower Part B drug costs. The Biden-Harris Administration will continue fighting to bring down the cost of health care and prescription drugs for all Americans.”

The administration estimates potential savings of over $4,500 per person daily due to the rebate program.


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