From CNBC:

Activists protested the price of prescription drug costs in Washington, DC at the U.S. Department of Health and Human Services. The situation has been going on for a long time and it was recently announced that Medicare has authority to negotiate drug prices for the first time. 2024 will be a key year for decisions that could potentially affect the Supreme Court and the pharmaceutical industry.

Over 9 million seniors currently enrolled in Medicare Part D pays well over $3 billion out of pocket on the 10 drugs up for negotiation. With the high costs that current patients are paying, Medicare is looking to provide some kind of relief for patients in the future.

In 2024, the government will publish a list of the final agreed-upon prices for medications that will go into effect in 2026. The Biden administration kicked off negotiations in August, included diabetes medications, blood thinners, and more. However, companies have one month to accept or counter offers from the Centers for Medicare & Medicaid Services.

There are currently ongoing lawsuits against the parties involved from organizations like PhRMA and the U.S. Chamber of Commerce. These lawsuits may see movement next year, with 20 negotiated medications a year starting in 2029 and possible fast-tracking to the Supreme Court happening.



Read more: Medicare drug price negotiations what’s ahead in 2024