What's next for the Biden administration's Medicare drug price negotiations

By February 2025, the Biden administration plans to select additional drugs for the next round of price talks. This comes after the implementation of price negotiations on certain Medicare Part D medicines starting in 2023. Pharmaceutical manufacturers will have until the end of February to decide whether they will participate. Failure to participate could result in steep excise taxes or the loss of access to federal Medicare and Medicaid programs. The negotiations are expected to cover a range of drugs, including diabetes medications and cancer treatments. The pharmaceutical industry has expressed concerns about potential revenue loss and a negative impact on innovation. The scope and outcome of future negotiations may depend on political factors, such as party control in Congress.