CMS: Drug Negotiations Beat CBO Expectations, With Price Cuts From 38 To 79 Percent

The Biden administration touted its first round of negotiated drug prices as beating expectations by the Congressional Budget Office when it unveiled new prices for 10 Medicare Part D drugs on Thursday (Aug. 15) that ranged from a 38% price cut for AbbVie’s leukemia and lymphoma treatment Imbruvica to a 79% cut for Merck’s diabetes drug Januvia. CBO initially forecasted $100 billion in savings over 10 years from the Inflation Reduction Act’s drug negotiation program, including $3.7 billion in the...