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One of the chief objectives of various drug pricing reform efforts in recent years has been reducing Medicare costs for patients and the federal government.
Last year, CMS highlighted reductions in prices for insulin and other drugs covered under the Medicare prescription drug benefit (Medicare Part D). But it is more likely that Medicare drug prices for consumers will increase in coming years, according to Ron Elledge, a Medicare consultant at MedicarePlans.com.
“If the new administration returns to some form of Obamacare as predicted, and the Medicare age decreases to 60 years as President Biden desires, the premiums for Medicare Part D will most likely escalate and the cost of drugs for all will see an unpredictable increase,” he said. “History demonstrates that when the government takes a greater hand in the regulation of healthcare, costs tend to increase across the board.”
While many Democrats support broadening Medicare to the wider population to replace private insurance, President Joe Biden has backed a public option for coverage.
Former President Donald Trump passed a series of executive orders currently facing legal challenges.
The prospect of comprehensive legislative drug pricing reform remains unlikely in the next couple of years, according to some experts.