The debate over Medicare negotiation has the potential to significantly impact the cost of prescription drugs in the United States.
Medicare negotiation is the process of allowing Medicare, the federal health insurance program for people over 65, to negotiate directly with drug companies to lower the prices of prescription drugs. Currently, Medicare is not allowed to negotiate drug prices, which means that pharmaceutical companies are free to set their own prices.
Arguments in favor of Medicare negotiation include the idea that lower drug prices for Medicare beneficiaries would save taxpayers money and also level the playing field between Medicare and private insurers.
Arguments against Medicare negotiation include the belief that it would lead to higher drug prices for everyone, not just Medicare beneficiaries, and stifle innovation by drug companies.