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Drug makers trim prices for health overhaul

New York Times, June 22, 2009
The pharmaceutical industry agreed to reduce Medicare drug costs, as medical-industry groups accept cuts now in an apparent effort to stave off potentially more-burdensome givebacks under the Democrats' health-overhaul plan. Drug makers outlined a proposal to forgo $80 billion in revenue over a decade, largely by covering more of the cost of brand-name prescription drugs under Medicare. That would make up part of the $313 billion in government health-spending cuts that President Obama has proposed over a decade to help pay for the overhaul plan.