Medicare drug prices

As the August recess approaches, key legislative developments include the Biosecure Act, which restricts U.S. government funding for certain Chinese biotech firms, and a measure to combat 'patent thickets' used by drug companies to delay competition, with bipartisan support for both. Medicare is set to implement price negotiations for prescription drugs under the Inflation Reduction Act, a significant shift after years of price restrictions, with the initial negotiations covering 10 drugs, expanding to 15 in 2025 and 20 by 2030. These changes aim to alleviate financial burdens on seniors, who currently face high drug costs under Medicare Part D. The average monthly premium for Medicare Part D is also expected to rise slightly in 2024, reflecting ongoing adjustments in the health care landscape. Additionally, some pandemic-related telehealth flexibilities are set to expire, though bipartisan support exists for a two-year extension. Overall, these developments signify a pivotal time in U.S. health care policy as it adapts to emerging needs and challenges.