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

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 ...