AbbVie, Amgen among firms targeted for Medicare inflation penalties
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The Biden administration on Friday published Medicare Part B drugs that will be subject to inflation penalties for Q3 2023, including some of the products from AbbVie (NYSE:ABBV) and Amgen (NASDAQ:AMGN) in the list of 43 medications.
The measure, part of President Joe Biden's Inflation Reduction Act, aims to cut out-of-pocket expenses for Medicare members and discourage drugmakers from raising prices faster than inflation.
Accordingly, the Part B beneficiaries taking these drugs will pay lower co-insurance starting July 1 – September 30, 2023, saving $1 – $449 per average dose, the Centers for Medicare & Medicaid Services (CMS) said.
The penalized drugmakers will be required to pay the difference as a rebate. The agency will send the invoices for 2023- and 2024 inflation rebates starting from 2025.
In March, the Biden administration included 20 drugs for the list subject to inflation penalties for the second quarter of this year.
AbbVie's (ABBV) blockbuster arthritis therapy Humira and Seagen's (NASDAQ:SGEN) cancer therapy Padcev have been targeted for the second time.
According to a fact sheet released by the CMS, Amgen's (AMGN) acute lymphoblastic leukemia immunotherapy Blincyto is also included in the list.
Major drug manufacturers: Pfizer (NYSE:PFE), Merck (MRK), Bristol-Myers Squibb (BMY), Johnson & Johnson (JNJ), Eli Lilly (LLY), Amgen (AMGN), Regeneron Pharmaceuticals (REGN).