Democrats are set to achieve their decades-long dream of empowering Medicare to negotiate drug prices. Yet they remain haunted by what could have been and how long they may have to wait before taking another big swing at healthcare reform.
The legislation would allow Medicare to negotiate with manufacturers the costs of 10 pricey drugs in 2026, expanding to 20 before the end of the decade. There are constraints on which ones qualify, though: Drugs have to have been on the market for nearly a decade and have no competition.
(Reuters) - Pfizer Inc on Monday agreed to pay $5.4 billion in cash for sickle cell disease drugmaker Global Blood Therapeutics, as it looks to capitalize on a surge in revenue from its COVID-19 vaccine and treatment.
48 million Americans get prescription drugs through Medicare Part D, but Medicare has had no ability to negotiate prices. A provision in the Inflation Reduction Act would change that in some cases. The bill would also cap out-of-pocket drug costs for Medicare recipients.
PhRMA CEO Steve Ubl says the group is still fighting hard against the drug pricing provisions, but is making contingency plans — and promises — should reconciliation become law.
Monkeypox doesn't carry the same urgency for Moderna as COVID, says CEO Stéphane Bancel. Though the company is working on a vaccine for the disease, it remains focused of the novel coronavirus, the flu, and ongoing expansion.