By Sept. 1, 2023, the agency will post the first 10 Medicare Part D drugs selected for the program, which will allow Medicare — the largest buyer of prescription drugs in the U.S. — to negotiate how much it pays for certain medications.
The negotiated maximum fair prices for these drugs will be announced by Sept. 1, 2024, and prices will take effect Jan. 1, 2026.
CMS will select for negotiation 15 more Part D drugs for 2027, 15 more Part B or Part D drugs for 2028, and 20 more Part B or Part D drugs for each year after that.
“Thanks to the Inflation Reduction Act, we finally have the authority to get American families the lower prescription drug costs they deserve,” HHS Secretary Xavier Becerra said in a Jan. 11 news release. “Today we are releasing our plan for how we will implement Medicare drug price negotiation under this landmark law — and we will be transparent and aggressive in implementation every step of the way.”
For a full timeline of the program implementation process, click here.
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