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Insider’s Report: Names of First Ten Drugs to Require Price Negotiation Are Released
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NCPSSM Director of Government Relations & Policy, Dan Adcock (left) and NCPSSM President & CEO Max Richtman (right) with President Biden at the White House on August 29, 2023.
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Last Tuesday, National Committee President & CEO Max Richtman and Director of Government Relations & Policy Dan Adcock attended an event at the White House to mark the Biden Administration’s release of the names of the first ten drugs to be subject to price negotiation between Medicare and Big Pharma.
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They are some of the most common and most expensive prescription medications that seniors take. These essential medications do everything from preventing blood clots and strokes to treating diabetes, and they will soon cost a lot less for the federal government and for patients.
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“This is a sea change in the government’s ability to lower prescription drug prices for older Americans, who all too often are compelled to ration medications or forgo filling prescriptions because of soaring costs.” —NCPSSM President & CEO Max Richtman
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Read our blog for the full list of drugs that will be subject to price negotiation.
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According to the White House, the 9 million seniors who take the ten targeted drugs will see their costs decrease. These seniors currently pay up to $6,500 in out-of-pocket costs per year for these prescriptions.
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The list of drugs subject to negotiation will expand next year to 15, followed by another 15 medications the year after. Negotiated prices for the first ten drugs do not go into effect until 2026.
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Right now, there are a number of efforts underway to roll back these historic drug pricing reforms passed in the last Congress that are lowering prescription drug prices for seniors and saving Medicare billions of dollars. To help the National Committee fight back against Big Pharma and their allies in Congress who want to send drug prices sky high, please SIGN OUR URGENT PETITION TO CONGRESS TODAY!
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Good Bills
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The National Committee has signed onto a joint letter to Health and Human Services Secretary Xavier Becerra encouraging strong implementation of the newly created Medicare drug negotiation program which is poised to finally address the high and rising cost of prescription drugs.
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The letter states, in part, “We strongly support the work being done by the administration to ensure quick and effective progress for the negotiation program, even in the face of legal challenges brought on by the Chamber of Commerce and big drug companies, who are trying to take away affordable, lifesaving prescriptions from those who rely on Medicare. Going forward, we urge CMS to continue the important work of implementing this law, and not to let big drug companies undermine this hard-fought win for older adults and people with disabilities.”
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Whether you’re retired or approaching retirement, our team of experts in the field of Social Security policy is available to answer your questions about benefits.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
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This week’s question is: Have there been any changes regarding Social Security Disability Insurance benefits and investing? Is it still not considered earned income?
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Social Security Benefits
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Learn more about the Social Security program and the policies the National Committee supports that would strengthen your earned benefits.
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NCPSSM President Max Richtman tells Michigan radio host Michael Patrick Shiels about the taping of our "Social Security: Here Today, Here Tomorrow" town hall in Lansing on Monday. (August 28, 2023, Michigan’s Big Show, radio interview with NCPSSM President & CEO Max Richtman)
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Listen Here →
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"We look forward to working with President Biden and the Congress to build on this groundbreaking achievement (the release of the first 10 drugs to be subject to Medicare price negotiation). The next step is to enlarge the number and type of medications," said NCPSSM President and CEO Max Richtman. (August 30, 2023, The White House, Press Release)
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Read Here →
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Speaking Thursday to Bloomberg News, Haley criticized most of her competitors for refusing to talk about cutting Social Security in the name of fiscal responsibility.
(August 28, 2023, MSNBC, Zeeshan Aleem)
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Read More →
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Selecting a Part D prescription drug plan is one of the hardest Medicare decisions because there are so many factors to consider: the medications you take; where to buy them; the cost of Part D premiums, deductibles and co-insurance. On top of that, the plans and government rules change every year, so this is an annual project. (August 22, 2023, Fortune, Richard Eisenberg)
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Read More →
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While Medicare covers most health care costs for more than 65 million Americans, it does not cover all of them and the remaining bills can add up quickly. For Medicare beneficiaries who qualify based on having low-income and limited assets, the Medicare Savings Programs (MSP) will cover some of those costs. (August 31, 2023, Fortune, Joseph Burns)
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Read More →
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AstraZeneca said on Friday it has sued the U.S. government to block parts of a program that gives the Medicare health insurance plan the power to negotiate lower drug prices.(August 25, 2023, Reuters, Bhanvi Satija)
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Read More →
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The Social Security Administration announced Monday that the agencies’ managerial corps will be required to work in-person four times per two-week pay period, starting in the coming months. (August 29, 2023, Federal Times, Molly Weisner)
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Read More →
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