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Wyden Sees ‘Hundreds of Billions’ in Savings on Drug Pricing

Nov. 2, 2021, 7:33 PM

Democratic Senator Ron Wyden says 10 of the most expensive drugs will face Medicare negotiations in 2023, including blood thinners, rheumatoid arthritis and cancer treatments. Key components of the deal:

  • Insulin prices will be capped at $35
  • Medicare beneficiaries will get new $2,000 out-of-pocket spending cap per year
  • Drug companies that raise their prices beyond inflation will have to pay penalties starting next year, which Wyden said would protect consumers who are getting gouged
  • NOTE: Democrats Reach Drug Pricing Deal Key to Vote on Biden Plan

To contact the reporter on this story:
Steven T. Dennis in Washington at sdennis17@bloomberg.net ...