As Biden Administration Begins Negotiations, AstraZeneca is In Court Trying to Rip Away Savings From Seniors
It’s a big week for Medicare negotiations with two key developments. On January 31, 2024, a district court in Delaware will hear oral arguments in AstraZeneca v. Becerra – one of nine legal cases brought against the Medicare Negotiation Program by the companies that had drugs selected for the program. The new program created by the Inflation Reduction Act will lower costs for some of the highest-costing prescription drugs on the market used to treat conditions like cancer, diabetes, and autoimmune disorders – conditions that disproportionately impact women, communities of color, and people in rural areas. Read our rundown on the AstraZeneca case here.
Also happening this week, on February 1, 2024, CMS will send initial offers of a maximum fair price for each of the first 10 drugs selected for negotiation to the manufacturers, as the negotiation period begins. Read our new profiles on the ten selected drugs.
Since the enactment of the Negotiation Program, drug companies have announced massive, above-expectation profits while Americans pay up to four times more than other high-income countries, leading patients to cut pills and skip doses to make ends meet. Protect Our Care is tracking big drug companies’ earnings in our Greed Watch series. As more earnings are reported, more installments of Greed Watch will be released. Read our releases on Johnson and Johnson’s 2023 earnings, Pfizer’s 2023 earnings, and our overview of drug companies’ 2023 earnings.
MAGA Republicans and big drug companies have been relentless in their attempts to weaken and repeal the Inflation Reduction Act, ripping away billions of dollars in savings from seniors and taxpayers. Read more on the GOP attacks on health care here.