In what some may call a quixotic move, a group of Democratic lawmakers on Wednesday will introduce a bill that gives the federal government the authority to negotiate drug prices for Medicare.
The bill would allow formulary changes to generate more competition among companies that want preferred coverage for their medicines and also establish so-called fallback prices. These would allow the Department of Health and Human Services to pay what other countries or government agencies, such as the Department of Veterans Affairs, pay for a medicine if negotiations fail.
Unlock this article by subscribing to STAT Plus and enjoy your first 30 days free!
GET STARTEDWhat is it?
STAT Plus is a premium subscription that delivers daily market-moving biopharma coverage and in-depth science reporting from a team with decades of industry experience.
What's included?
- Authoritative biopharma coverage and analysis, interviews with industry pioneers, policy analysis, and first looks at cutting edge laboratories and early stage research
- Subscriber-only networking events and panel discussions across the country
- Monthly subscriber-only live chats with our reporters and experts in the field
- Discounted tickets to industry events and early-bird access to industry reports
About the Author
A more recent Kaiser Family Foundation survey showed that 92% of Republicans and Independents and 96% of Democrats support Medicare negotiating drug prices: https://www.kff.org/report-section/kaiser-health-tracking-poll-late-april-2017-the-future-of-the-aca-and-health-care-the-budget-rx-drugs/.