The Biden administration has implemented inflation penalties on 43 Medicare Part B drugs to reduce costs for older Americans, following the imposition of fines on 27 drugs in March. The Inflation Reduction Act (IRA) requires pharmaceutical manufacturers to justify price increases exceeding the inflation rate, with financial penalties imposed if justifications are found insufficient. Under the IRA, Medicare beneficiaries may pay a lower coinsurance for some Part B drugs if prices increase faster than inflation rates. CMS said its latest actions would lower costs by up to $449 per dose from July 1 to September 30, 2023. This action is part of broader efforts by the US government to lower drug costs and follows rising concerns over high drug prices that have left Americans struggling to afford their medications.
The Biden administration has announced that it will enforce inflation penalties on Medicare Part B drugs during Q3 of 2023. These penalties are meant to discourage excessive price hikes and encourage manufacturers to align their pricing strategies with reasonable standards. The new list will replace the previous one released in March as part of the administration's efforts to reduce costs for older Americans. The Inflation Reduction Act (IRA) requires pharmaceutical manufacturers to justify price increases exceeding the inflation rate, with financial penalties imposed if justifications are found insufficient. Under this act, Medicare