CMS to Lower Prices on 15 Major Medicare Part D Drugs by 2027
The Centers for Medicare and Medicaid Services (CMS) has negotiated price reductions for 15 prescription drugs used to treat conditions such as cancer, diabetes, and asthma. This initiative, established under the Inflation Reduction Act of 2022, follows a prior set of negotiated price cuts on 10 medications from the previous year. The new prices will take effect in 2027, impacting Medicare Part D spending significantly, as these 15 drugs represent 15% of total Medicare Part D expenditures in 2024.