For the first time in history, the Centers for Medicare and Medicaid Services (CMS) will engage in price negotiations with drug manufacturers for a subset of high-cost, name-brand drugs covered by Medicare. Pursuant to the Inflation Reduction Act (IRA), CMS took its first steps toward implementing the Medicare Drug Price Negotiation Program (or “Negotiation Program”) in a memo published last week, which sets forth certain details of the program and outlines a timeline for implementation.
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