U.S. Medicare Drug Prices Remain High Compared to Peers

The Biden Administration's recent Medicare negotiations have resulted in lower prices for 10 high-cost drugs, yet these prices remain significantly higher than those in other wealthy nations such as Sweden, Canada, Australia, and Japan. A review by Reuters found that U.S. Medicare will pay more than double the average costs for these medications, with a 30-day supply costing $17,581 compared to $6,725 in Sweden. Although anticipated savings of $6 billion are expected by 2026, experts highlight the ongoing disparity in pricing, as U.S. patients continue to face higher drug costs. Stacie Dusetzina, a health policy professor, noted that the U.S. has historically accepted its role as a country that overpays for pharmaceuticals. The new price disclosures represent a significant shift for Medicare, which has been previously restricted from negotiating drug prices. This situation underscores the complexities of the U.S. pharmaceutical market compared to other countries with centralized pricing systems.