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WASHINGTON — The Biden administration on Thursday offered the first glimpse into how it’s planning to enact a new law that will penalize drugmakers for hiking their prices faster than inflation.

The initial guidance documents for both physician-administered and pharmacy drugs offer details about the formulas that officials plan to use to calculate the penalties, and the process for fines if drugmakers don’t comply. The guidance is open for public comment until March 11, the administration said.

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