Medicare drug price “arbitration” is bad policy and bad politics
Donald Trump and Nancy Pelosi finally agree on something.
The Speaker of the House wants to change how Medicare pays for drugs. She believes that once the FDA approves a new treatment, government-appointed “independent” arbitrators should determine a fair price for these medicines.
That’d be a big change. Right now, for drugs picked up at the pharmacy, private insurers who sponsor Medicare plans negotiate directly with drug manufacturers. For advanced medicines, Medicare reimburses providers based on the average, market-based sales price.
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