The U.S. government will subject 27 drugs to inflation penalties, it announced, meaning people on Medicare will pay less out-of-pocket by $2 to as high as $390 per average dose starting April 1
Companies that raise prices higher than the inflation rate will be required to pay Medicare the difference in the form of a rebate. Those that fail to pay the rebate will face a penalty equaling 125% of the rebate amount.
The government will start invoicing the companies for the rebates in 2025 but Medicare will start reducing out-pocket-costs for members in April. Medicare began examining the price increases in October 2022 for Medicare Part B drugs, often used in the hospital, that are complicated biologic drugs or drugs with only one manufacturer.Price increases for half of all drugs covered byoutpaced inflation from 2019 to 2020, which averaged 1% that year. A third of those had price jumps of over 7.5%.
The Department of Health and Human Services will also release on Wednesday initial guidance on how its Medicare prescription drug negotiation process will work, Rice said.Thomson Reuters Washington-based correspondent covering U.S. healthcare and pharmaceutical policy with a focus on the Department of Health and Human Services and the agencies it oversees such as the Food and Drug Administration, previously based in Iraq and Egypt.
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