Pfizer to pay Medicare rebates on five drugs under Biden’s plan to lower Rx costs

President Joe Biden speaks about new rules on prescription drug prices in the East Room of the White House on December 6, 2021 in Washington, DC.

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five Pfizer’s Medicare recipients will see lower drug costs starting next month as part of president’s plan joe biden’s Plan to lower prescription drug costs, HHS explain Wednesday.

The Pfizer drug is one of the first 27 Part B prescription drugs to receive the Medicare inflation rebate starting April 1, according to the department. That requires Pfizer and other prescription drug companies to pay back Medicare through rebates because the prices of the drugs rise faster than the rate of inflation.

Pfizer drug includes blood thinner fragmentin, which was approved by the U.S. Food and Drug Administration in also includes athama drug indicated for the treatment of renal allografts and symptoms of aplastic anemia, and chemotherapy injections NipentAlso included are Pfizer’s antimicrobial drugs Bicillin LA and Bicillin CR for the treatment of syphilis. These two drugs are also used to treat upper respiratory tract infections.

Seniors could see their drug out-of-pocket costs drop by $2, to an average of $390 per dose, the department said. The amount a Medicare beneficiary will save depends on several factors, such as what their treatment options are and whether they have supplemental insurance.

Savings stem from a provision of the Lower Inflation Act, Congressional Democrats pass Last August. The announcement is also part of a broader effort by Biden to lower health care costs for Americans amid persistently high inflation.

In addition to rebates, the clause also prevents other companies from raising prices faster than inflation in the future, the department said. a HHS Report A report released in September 2022 found that 1,200 prescription drug prices rose faster than inflation in 2021, the year before the IRA was signed into law.

Later this year, Medicare will begin negotiating lower prescription drug prices for its beneficiaries.

“Millions of seniors are already saving hundreds of dollars a year each as a result of the Biden administration’s actions, and President Biden is working to extend those savings to all Americans,” the White House said in a statement.

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