And shortly after the 2020 election, the rule was implemented. The seven-year approach would have given the US the opportunity to benefit from bargains made by other peer nations,
Who generally pay much less for pharmaceuticals due in large part to the fact that their governments frequently set the price.
Medicare would have covered the lowest cost of 50 Part B medications given in doctor’s offices among those peer nations under the 2020 proposal.
An estimated $86 billion would have been saved, according to the administration.In 2022, the Democrats passed the Inflation Reduction Act, which gave
Medicare the historic authority to negotiate drug costs for a limited selection of medications each year. Prior to that, Medicare was prohibited from doing so.
According to experts, a “Most Favored Nation” concept might help beneficiaries save money on both their premiums and out-of-pocket expenses, which are impacted by the cost of medications.
