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Let the Negotiations Begin: Lowering Prescription Drug Costs Will Be a Winning Strategy in 2024 [1]

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Date: 2023-08-31

This week, as part of the Inflation Reduction Act (IRA), the US government moved forward to directly negotiate lower drug prices for Medicare Part D recipients (including Medicare Advantage) to take effect in 2026. The initial list of 10 medications include a number of heavily advertised drugs produced by the biggest pharmaceutical companies. These include medications for blood clots, heart failure, kidney disease, arthritis and diabetes. These 10 are used by nearly 10 million people covered by Medicare Part D. Surveys have repeatedly shown that a large majority of Americans are concerned about the price of prescription drugs.

The Republican response to high drug prices has been to support big pharma lawsuits and pharma company claims that a move to lower prices will reduce R&D and the the number of drugs coming to market. It should be noted that the recent Republican debate was generally silent on health care or health care policy save their talking points on abortion bans and restrictions on transgender rights.

The big pharma arguments ignore the huge marketing costs, overhead expenses and patent strategizing incurred in introducing and maintaining their market share and profits. On the other hand, lower prices can provide cost discipline, potentially reducing marketing expense and improving the quality as opposed to the sheer quantity of drugs on the market.

In addition to reducing inflation and providing more equal access, price negotiation will be a “win win” for consumers and should be a key part of the Democratic message in 2024 and beyond.

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[1] Url: https://www.dailykos.com/stories/2023/8/31/2190736/-Let-the-Negotiations-Begin-Lowering-Prescription-Drug-Costs-Will-Be-a-Winning-Strategy-in-2024

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