The Biden Administration Seeks Support from Pharmaceuticals and Retail Chains to Lower Drug Costs
Introduction
The Biden administration is taking steps to counter opposition from the drug industry and promote a bill aimed at cutting drug costs. Officials have reached out to executives at major pharmaceutical and retail chains, including CVS Health Corp, Walgreen’s Boots Alliance Inc., and Walmart Inc., in order to seek their assistance in spreading awareness about the benefits of the Inflation Reduction Law.
The Inflation Reduction Law
The Inflation Reduction Law is a comprehensive legislation that not only caps insulin prices and expands access to adult vaccines, but also allows Medicare to negotiate prices of expensive drugs manufactured by some of the largest drug companies in the United States. By giving Medicare the power to negotiate prices, the law aims to make healthcare more affordable for the elderly population.
Despite its potential benefits, the law has faced legal challenges from drugmakers such as Merck & Co., Bristol Myers Squibb Co., and Johnson & Johnson, as well as the industry’s largest lobby group. These companies have filed lawsuits against the government, arguing that the law is unconstitutional.
Promoting the Inflation Reduction Law
In light of the upcoming 2024 election, the Biden administration intends to highlight the Inflation Reduction Law as a testament to President Joe Biden’s efforts to reduce drug spending. In order to garner public support and awareness, officials have requested the assistance of pharmacy chains and pharmacy associations.
Responsibilities of Pharmacy Chains
- Pharmacy chains are urged to educate patients about the benefits of the Inflation Reduction Law.
- They are asked to spread awareness through social media and incorporate information about the law on customer receipts and tills.
- Pharmacy chains are also expected to promote a program called Extra Help, which reduces drug costs for low-income seniors and individuals with disabilities.
Implications and Potential Savings
The Inflation Reduction Act grants Medicare the authority to negotiate prices on an expanding list of treatments, beginning in 2026. This change is projected to save nearly $100 billion by 2031.
Additionally, officials have emphasized the importance of ensuring eligible individuals fill out Medicaid insurance renewal forms. As of July 17, over 2.75 million Medicaid recipients have been excluded from the program, according to the Kaiser Family Foundation.
Conclusion
The Biden administration is actively seeking support from pharmaceutical and retail chains in order to promote the Inflation Reduction Law and combat opposition from the drug industry. By collaborating with pharmacy chains, the administration aims to increase public awareness about the law’s benefits and reduce drug costs for the elderly and low-income individuals. The implementation of the law has the potential to save billions of dollars in healthcare expenditures. However, legal challenges and ongoing debates surrounding its constitutionality highlight the complexity of the issue.
Summary
The Biden administration has reached out to major pharmaceutical and retail chains to seek their support in promoting the Inflation Reduction Law. This law aims to cut drug costs by allowing Medicare to negotiate prices with big drug companies. However, the law has faced legal challenges from drugmakers, who claim it is unconstitutional. In order to counter opposition and raise awareness, the administration has requested pharmacy chains to educate patients about the law and promote programs that lower drug costs for low-income seniors and individuals with disabilities. The law is expected to save nearly $100 billion by 2031. Ensuring that eligible individuals fill out Medicaid insurance renewal forms is also a priority. Overall, the administration’s efforts reflect a commitment to addressing the high costs of prescription drugs and making healthcare more affordable for all Americans.
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Biden administration officials called on executives at major pharmaceutical and retail chains to counter fierce opposition from the drug industry and help promote a price-cutting bill drug costs.
US health officials met with leaders at the White House on Tuesday CVS health corp, Walgreen’s Boots Alliance Inc. and Walmart Inc., I’m looking for help to spread the word about the benefits of the Inflation Reduction Law, said a spokesman for the Department of Health and Human Services. In addition to capping insulin prices and expanding access to adult vaccines, the law allows Medicare, the US health care program for the elderly, to negotiate the prices of expensive drugs made by some of the biggest drug companies.
In view of the 2024 election, the administration plans to tout the act as a sign of President Joe Biden’s efforts to cut drug spending. Drug pricing regulations have prompted a backlash from U.S. drugmakers: Merck & Co., Bristol Myers Squibb Co., Johnson & Johnson and the industry’s largest lobby group are all suing the government over the law, claiming it is unconstitutional.
There was no discussion of the legal challenges at the meeting, the HHS spokesman said.
Neither the drug manufacturers nor the pharmacy chains responded to requests for comment.
In a letter sent to drug chains and pharmacy associations ahead of the meeting, White House Domestic Policy Adviser Neera Tanden, Secretary of Health and Human Services Xavier Becerra and Medicare Administrator Chiquita Brooks-LaSure urged executives to ask patients about the law and educate those entitled to benefits. Companies were asked to notify patients via social media and to mention this on “pharmacy materials such as customer receipts and tills”.
Tanden, Becerra and Brooks-LaSure also asked for help promoting a program called Extra Help that reduces drug costs for low-income seniors and people with disabilities. The law increased the number of people eligible for the program.
The Inflation Reduction Act gives Medicare the power to negotiate prices on a growing list of treatments beginning in 2026. The change is expected to save nearly $100 billion by 2031.
Officials also urged the chains to instruct patients to fill out Medicaid insurance renewal forms. As of July 17, at least 2.75 million Medicaid recipients have been excluded from the program. according to the Kaiser Family Foundationwhich follows the reversal of the health measures from the time of the pandemic.
The meeting was planned in advance of the start of the US seasonal vaccination campaign later in the year and the open registration period for Americans to adjust their health plans, the spokesman said.
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