The Kaiser Network reports the release of two Medicare prescription drug studies. One study found that over 25 percent of Medicare drug plans increased copayments and prices for beneficiaries in 2006, despite the fact that beneficiaries were locked into the plans for the year. According to the Consumers Union, which issued the study, some private insurance plans raised prices by 5 percent or more last year. One plan reportedly raised costs by almost 30 percent. From Consumers Union: … [Read more...] about Two Medicare Prescription Drug Studies
CMS Denies Lawmakers’ Request for Medicare Drug Discount Data
Lawmakers asked the Centers for Medicare and Medicaid Services (CMS) for information on Medicare prescription drug discounts obtained by pharmacy benefit managers, and CMS Administrator Leslie Norwalk refused, contending that the release of such information would undermine the negotiation process. (Kaiser Network) "Several independent entities, including the Congressional Budget Office and the Federal Trade Commission, have concluded that public disclosure of negotiated price concessions will … [Read more...] about CMS Denies Lawmakers’ Request for Medicare Drug Discount Data
More Medicare Part D Fall-Out for Pharmacists
Last year I blogged about a group of Texas pharmacists (independent operators) lobbying the White House for reimbursement for Medicare Part D prescription drugs. (See Texas Pharmacists Lobby White House) The pharmacists were not receiving sufficient reimbursement to make up for the millions of dollars worth of drugs they gave to Part D patients for free, in part because Part D was new and confusing, and patients who needed medications couldn’t afford to wait for approval. To make … [Read more...] about More Medicare Part D Fall-Out for Pharmacists
Democratic Seek to Increase Prescription Drug Regulation
Democrats on Capitol Hill are continuing their efforts to increase prescription drug regulation by introducing measures to expand the Food and Drug Administration’s (FDA) authority “by requiring drug approvals to be paired with programs to manage risk once they reach the market.†(Source) One issue of contention is whether to use the user-fee agreement between the FDA and drug companies to implement these changes. The user-fee agreement will expire this year. Wall Street Journal … [Read more...] about Democratic Seek to Increase Prescription Drug Regulation
Cost of Medicare Part D Lower Than Expected
According to the Congressional Budget Office (CBO), the cost of Medicare Part D over 10 years will be $265 billion less than estimated last August. (Source) The Medicare prescription drug benefit will cost $38 billion this year and $675 billion from 2007 through 2016. CBO director Peter Orszag (pictured) said the lowered cost estimate is attributed to the "lower-than-expected bids" of prescription drug plans. "The bids are coming in, and the pricing is coming in better than anticipated, … [Read more...] about Cost of Medicare Part D Lower Than Expected
MedPAC Seeks Medicare Reimbursement Increase
Although President George Bush reversed a proposed cut to physicians’ Medicare reimbursements late last year, the Medicare Payment Advisory Commission (MedPAC) will lobby Congress to increase reimbursements by about 1.7 percent in 2008. (Source) Reimbursement will be decreased by 10 percent under the present payment system, according to MedPAC, and it will urge Congress to act now. MedPAC will also recommend that Congress freeze 2008 reimbursement increases for long term care facilities … [Read more...] about MedPAC Seeks Medicare Reimbursement Increase
House Approves Medicare Drug Negotiation Bill
Last week, the U.S. House of Representatives approved a bill that would allow the government to negotiate Medicare prescription drug prices. (Source) If passed by the Senate and signed into law by the president, the Medicare Prescription Drug Price Negotiation Act of 2007 would nullify the part of Medicare Part D law that prohibits the government from negotiating drug prices. As expected, it was a party line vote, with mostly Democrats voting in favor of the bill. According to the Washington … [Read more...] about House Approves Medicare Drug Negotiation Bill
Survey Says Most U.S. Residents Favor Government Price Negotiations
A survey conducted by the Kaiser Family Foundation showed that 85 percent of U.S. residents favor government price negotiations for Medicare prescription drugs. The federal government currently is prohibited from negotiating drug prices or establishing a list of preferred drugs. (Kaiser Network) According to the survey, 92 percent of Democrats, 85 percent of Independents and 74 percent of Republicans favor government negotiation of Medicare drug prices. If that’s the case, “party-line … [Read more...] about Survey Says Most U.S. Residents Favor Government Price Negotiations
Medicare Part D Open Enrollment
Open enrollment for Medicare Part D, the new prescription drug program, began last Wednesday and will end on December 31. Current beneficiaries may switch plans and first-timers may sign up for new plans. For more information, visit the Medicare.gov web page. … [Read more...] about Medicare Part D Open Enrollment
Industry vs. State: California Seeks to Control Drug Prices
Effective January 2007, the state of California will be authorized to seek drug discounts up of up to 60 percent for California residents receiving benefits from Medicare Part D. Drug companies are “alarmed,†of course. From the Kaiser Network: Although state officials say the measure is voluntary, the law also includes language that permits California in 2010 to remove from its Medicaid formulary treatments sold by companies that do not comply with the law. According to the Globe, … [Read more...] about Industry vs. State: California Seeks to Control Drug Prices
