The legislation represents a historic expansion of Medicare’s power that was fiercely opposed by the pharmaceutical industry.
Though the legislation is historic, the negotiation provisions are"very narrow" in design, according to Andrew Mulcahy, an expert on prescription drug prices at the RAND Corporation. And the negotiations won't provide relief until 2026 when the renegotiated prices on ten of the program's most expensive drugs take effect.
Phase 4: HHS negotiates 20 Part B or D drugs. Prices take effect in 2029. The secretary can negotiate 20 drugs in all subsequent years.How many seniors will benefit from the negotiations depends in large part on which drugs the HHS secretary decides to target. More than 63 million Americans are insured through Medicare overall and about 49 million are enrolled in Medicare Part D.
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