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CMS Releases Guidance for Second Cycle of Medicare Drug Price Negotiations, Anticipates $1.5 Billion in Savings by 2026
Oct 3, 2024, 10:39 AM
The Centers for Medicare & Medicaid Services (CMS) has released final guidance for the second cycle of the historic Medicare Drug Price Negotiation Program. This includes measures to ensure that people with Medicare can access drugs at negotiated prices from both the first and second cycles of negotiation. The U.S. government will provide more time for negotiations and additional opportunities for drugmakers to submit counter offers. Starting next year, out-of-pocket prescription drug costs will be capped at $2,000 per year for Medicare beneficiaries. CMS will announce the selection of up to 15 additional drugs covered by Part D for the second cycle of negotiations by February 1, 2025. Officials anticipate $1.5 billion in savings for 2026.
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