Drug companies that raised the price of 48 prescription medications used by more than 750,000 seniors could be forced to pay rebates to Medicare in the first quarter of 2024, the Biden administration announced Thursday.
The price hikes violate terms of the Inflation Reduction Act, which requires companies to reimburse Medicare when the price of “Part B” drugs, which are administered in doctor’s offices and hospital settings, increase faster than the rate of inflation.
The inflation rebate applies to Medicare single-source Part B drugs and biological products, including some biosimilar biological products.
President Joe Biden ...
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