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  • U S government sets...

U S government sets penalties on 43 drugs over price hikes

Ruchika SharmaWritten by Ruchika Sharma Published On 2023-06-11T14:30:55+05:30  |  Updated On 11 Jun 2023 2:31 PM IST
U S government sets penalties on 43 drugs over price hikes
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The Medicare agency plans to send the first invoices to drugmakers in 2025 for the rebates owed to Medicare this year and for 2024.

New Delhi: The Biden administration on Friday announced it would impose inflation penalties on 43 drugs for the third quarter of 2023, having fined 27 earlier this year, in a move it said would lower costs for older Americans by as much as $449 per dose.

Drugmakers hiked the price of these 43 drugs by more than the rate of inflation and are required to pay the difference of those medicines to Medicare, the federal health program for Americans over age 65.
"People taking 43 of these drugs could pay less (in coinsurance) to access these important treatments, starting July 1," Dr Meena Seshamani, director for Medicare at the Centers for Medicare & Medicaid Services (CMS) told reporters.
The Medicare agency plans to send the first invoices to drugmakers in 2025 for the rebates owed to Medicare this year and for 2024.
President Joe Biden's signature Inflation Reduction Act (IRA) includes a provision that penalises drugmakers for charging prices that rise faster than inflation for people on Medicare.
Biden announced in March that his administration would subject 27 drugs to inflation fines for the second quarter of this year. The new list of 43 replaces that selection for the third quarter of 2023.
The list of drugs facing the inflation penalty for the third quarter includes - for the second time - AbbVie's blockbuster arthritis drug Humira and Seagen's targeted cancer therapy Padcev, the White House said in a fact sheet.
Read also: USFDA advisory committee votes unanimously to confirm clinical benefit of Leqembi for Alzheimer's Disease


Dr Meena SeshamaniAbbViearthritis drugHumiraSeagenPadcev
Source : Reuters
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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