Medicare Cuts Prices for Dozens of Drugs

Published on June 26, 2024

Seniors on Medicare will pay less for dozens of drugs in the near future, the federal government announced on June 26. The cost of 64 drugs available through Medicare Part B will be lower starting July 1 under a provision of the Inflation Reduction Act. The reduced prices will be in place until at least Sept. 30. The Inflation Reduction Act established a program that requires companies to pay a rebate if they raise the prices of certain drugs faster than the rate of inflation. Companies producing Abilify Maintena, a treatment for schizophrenia; Evenity, used by women with osteoporosis; and Padcev, a drug that treats bladder cancer, are among those that raised their prices enough to outpace inflation, according to the U.S. Department of Health and Human Services. That means these drugs are among the 64 that will soon have lower prices for Medicare recipients....

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