Last Updated on June 13, 2023 by The Health Master
New Delhi: The Biden administration announced it would impose inflation penalties on 43 drugs for the third quarter of 2023, having fined 27 earlier this year, in a move it said would lower costs for older Americans by as much as $449 per dose.
Drugmakers hiked the price of these 43 drugs by more than the rate of inflation and are required to pay the difference of those medicines to Medicare, the federal health program for Americans over age 65.
“People taking 43 of these drugs could pay less (in coinsurance) to access these important treatments, starting July 1,” Dr Meena Seshamani, director for Medicare at the Centers for Medicare & Medicaid Services (CMS) told reporters.
The Medicare agency plans to send the first invoices to drugmakers in 2025 for the rebates owed to Medicare this year and for 2024.
President Joe Biden’s signature Inflation Reduction Act (IRA) includes a provision that penalises drugmakers for charging prices that rise faster than inflation for people on Medicare.
Biden announced in March that his administration would subject 27 drugs to inflation fines for the second quarter of this year. The new list of 43 replaces that selection for the third quarter of 2023.
The list of drugs facing the inflation penalty for the third quarter includes – for the second time – AbbVie’s (ABBV.N) blockbuster arthritis drug Humira and Seagen’s (SGEN.O) targeted cancer therapy Padcev, the White House said in a fact sheet.
Blast in Pharma Company near Mumbai
NPPA fixed and revised Ceiling price of 1 scheduled formulation: June 2023
Gujarat FDCA cancels licenses of 2 Pharma Companies
Govt appoints separate officers for Controlling & Licensing in Drug Dept: TN
NPPA fixed Ceiling price of 2 scheduled formulations: June 2023
NPPA revised Ceiling price of 15 scheduled formulations: June 2023
NPPA fixed retail price of 23 formulations: June 2023
Cosmetics Testing in India: A Comprehensive Guide
Airlocks in the Pharma Industry: An essential component
Line clearance and maintenance in manufacturing: A comprehensive guide
For informative videos by The Health Master, click on the below YouTube icon:
For informative videos on Medical Store / Pharmacy, click on the below YouTube icon:
For informative videos on the news regarding Pharma / Medical Devices / Cosmetics / Homoeopathy etc., click on the below YouTube icon:
For informative videos on consumer awareness, click on the below YouTube icon:
