Biden Puts Drug Pricing at Front of Medicare Spending Debate (2)

President Joe Biden is doubling down on efforts to curb what Medicare and Medicaid pay for medicines, a proposal that would allow reductions in Medicare spending without changing benefits or physician pay.

Biden’s fiscal 2024 budget request, released Thursday, called for extending the Inflation Reduction Act (Public Law 117-169) inflation rebates to the commercial market and expanding the number and scope of drugs that will soon face government negotiations. Currently, the law allows only Medicare to collect rebates from drug manufacturers that raise prices on products faster than the rate of inflation, and focuses negotiation only on older ...