First price negotiations for Medicare drugs begin this year

Administrators at the US Department of Health and Human Services (HHS) have announced key dates in its planned negotiation of certain prescription drug prices available through Medicare.

The change in the way parts of the federal insurance fund’s formulary is priced comes as a result of the passage of the  Inflation Reduction Act.

When it was signed into law in August 2022, the legislation was hailed by Democrats as a minor breakthrough in an ongoing battle over drug pricing. However, it has been slammed by the pharma and biotech industries.