Actionable insights straight to your inbox

logo_equities.svg

Biden Administration To Unveil Plan for Lower Prescription Drug Prices in Medicare

Legislation is to be proposed that would empower the government to negotiate drug prices in Medicare.

Video source: YouTube, NBC News

The Biden administration is set to unveil a plan that supports legislation to empower the U.S. federal government to negotiate drug prices in Medicare and pass along the benefits to the private sector, the Wall Street Journal reported on Thursday.

The COVID-19 outbreak, which has upended the U.S. economy and so far killed about 649,299 people in the country, has drawn renewed attention to healthcare costs.

In August, President Biden said U.S. prescription drug costs were two to three times higher than other nations in the world, while urging lawmakers to enact legislation to lower drug prices.

The U.S. Medicare program is a health insurance program for people aged 65 and above, and those with disabilities.

The plan, to be released later on Thursday, will back legislation aimed at lowering drug prices put forth by congressional Democrats, the WSJ report said.

It will also outline other administrative measures such as testing reimbursement for drugs in Medicare based on the clinical value they provide to patients and federal funding for research into new treatments, the report said.

Reporting by Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli.

_____

Sources: Reuters, NBC News

With pandemic-induced supply chain bottlenecks receding, semiconductor stocks have been riding a bullish trend, making higher lows and higher highs.
To say the current situation isn’t pretty now seems an understatement, and it’s likely to remain chaotic for a while. Which is why it’s so important for leaders of all kinds not to fall prey to the very human tendency to go negative.
Bargain-hunting friends of mine have been asking: “Should I buy First Republic?” After all, First Republic is prestigious. Facebook founder Mark Zuckerberg got a mortgage there. Dozens of customer surveys rate its satisfaction scores higher than super-brands like Apple and Ritz-Carlton.
Many of us economy-watchers have been expecting recession, though with significant differences on odds and timing. Regardless, recent banking developments just made recession more likely and may have accelerated its onset.