US President Donal Trump's administration issued regulations on Friday that could lower the prices people in the country pay for many prescription drugs, as reported This is Money.
One rule would link what Medicare pays for medications administered in a doctor's office to the lowest price paid among a group of other economically advanced countries.
The rule, which would come into effect on January 1, 2021, would apply to 50 medications that account for the highest spending under Medicare's "Part B" benefit for outpatient care.
The administration estimates "the most favoured nations" approach could save $28 billion over seven years for Medicare recipients through lower co-pays.
The other rule, which would take effect on January 1, 2022, requires drugmakers, for brand name pharmacy medications, to give Medicare enrolees rebates that currently go to pharmacy benefit managers.
While insurers that deliver Medicare's "Part D" prescription benefit say this would raise premiums, the Trump administration says its rule could potentially result in 30% savings for patients.
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