WASHINGTON — Congressional Democrats on Tuesday announced they had agreed to a broad plan to overhaul the way America pays for prescription medicines.
Under the deal, Medicare would be allowed to negotiate drug prices for both drugs dispensed at the pharmacy counter and those administered in doctors’ offices for drugs older than 9 years or 12 years, depending on the type of drug. Drug makers would have to pay penalties if they hike prices faster than inflation, including for employer-sponsored insurance plans. Seniors’ out-of-pocket costs would be capped at $2,000 per year. Insulin prices per dose will also be capped.
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