Lowering Drug Prices by Once Again Putting Americans First
1. Purpose
This document outlines the major actions and directives taken during the Biden Administration's first term aimed at reducing prescription drug prices for Medicare beneficiaries and the broader public.
2. Key Actions And Directives
- Medicare Drug Price Negotiation Program Implementation: Within 60 days, the Secretary of Health and Human Services must propose guidance for the program, focusing on transparency and innovation.
- Stabilization of Medicare Part D Premiums: Within 180 days, the Assistant to the President for Domestic Policy must provide recommendations to stabilize and reduce Part D premiums.
- High-Cost Prescription Drug Rulemaking Plan: Within one year, the Secretary is expected to develop a rulemaking plan to secure better value on high-cost drugs for seniors.
- Conducting Medicare Drug Cost Survey: Within 180 days, the Secretary must publish a plan for a survey on hospital acquisition costs for outpatient drugs.
- Streamlining the Drug Importation Program: Within 90 days, implement steps to streamline the Importation Program under the Federal Food, Drug, and Cosmetic Act.
- Addressing Anti-Competitive Behavior: Within 180 days, the Secretary must conduct listening sessions and issue a report offering recommendations to curb anti-competitive practices in pharmaceuticals.
3. Important Points
- Emphasis on Lowering Drug Prices: The Biden Administration prioritized reducing drug prices for Medicare beneficiaries and enforcing price transparency.
- Challenges with Negotiation Program: The Medicare Drug Price Negotiation Program, while aimed at reducing costs, has faced scrutiny over potential limitations on pharmaceutical innovation.
- Comprehensive Approach to Pricing: The directives encompass a wide-ranging strategy, including evaluation of drug importation, Medicaid rebates, and ensuring patient discounts.
- Speed of Implementation: Timelines for recommendations and actions are clearly defined, with several key deliverables due within 90 to 180 days.
- Stakeholder Engagement for Reform: Initiatives include conducting listening sessions to engage stakeholders in addressing anti-competitive behavior within the pharmaceutical industry.
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