Biden Administration Cracks Down on Rising Prescription Drug Costs, Imposes Inflation Penalties on 64 Prescription Drugs

Benzinga
Benzinga
  • 2 days ago
The Biden administration announced it will impose inflation penalties on 64 prescription drugs covered under Medicare Part B for the third quarter of 2024. A provision in Biden's Inflation Reduction Act requires drugmakers to pay rebates to Medicare if they increase the price of a medication faster than the rate of inflation. Some Medicare patients may save more than $4,000 per quarter on drugs facing inflation penalties. Over 750,000 Medicare recipients use the 64 drugs facing penalties each year.
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