U.S. Makes Initial Offers in Medicare Drug Price Negotiations
Why It Matters: The price offers kick off negotiations.The medicines selected for negotiations are taken by millions of older Americans to treat conditions like diabetes, cancer and heart failure. The administration identified them in August, beginning a lengthy process intended to result in an agreed-upon price that would take effect in 2026, assuming the negotiation program survives legal challenges.The initial round of price offers is a key step in the negotiation process. Each drugmaker has until early March to accept the offer or propose a counteroffer to the government. A series of negotiation sessions could follow, with the process set to conclude by August.Health policy experts said the announcement of the initial round of offers amounted to a kind of starting gun, giving the Biden...