Biden announces Medicare price cuts for 10 widely prescribed medications
Taxpayers expected to save $6B in drug costs, says White House
By Ovunc Kutlu
ISTANBUL (AA) - The administration of US President Joe Biden announced Medicare price cuts Thursday for 10 widely prescribed medications.
The reduced prices of prescribed medications for commonly treated conditions include blood clots, diabetes, heart failure, chronic kidney disease, coronary or peripheral artery disease, certain types of arthritis and blood cancers.
The move, which follows months of negotiations between Medicare and drug manufacturers, is intended to lower prices for older Americans by cutting the list price of the drugs between 38% - 79%.
US taxpayers are expected to save $6 billion on prescription drug costs, while those enrolled in Medicare are estimated to save $1.5 billion in out-of-pocket costs in 2026 alone, according to the White House.
"For far too long, Americans have paid more for their prescription drugs than any developed nation," it said in a statement.
"If the negotiated prices had been in effect during 2023, Medicare would have saved an estimated $6 billion," it added.
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