[Image courtesy of Biden for President]
In the latest move targeting Big Pharma, the Biden Administration has signaled its intent to target the pricing of dozens of prescription drugs. In a recently announced Fact Sheet, the Administration announced a strategy under the Inflation Reduction Act to focus on 48 Medicare Part B drugs that have raised prices faster than inflation. This initiative requires pharma firms to pay rebates to Medicare, which could translate to savings of $1 to $2,786 per dose for beneficiaries. The administration notest that it estimates more than 750,000 seniors to use the medications the act covers.The Inflation Reduction Act is the backbone of Biden’s drug pricing policy, mandating rebates from pharma firms if their prices increase outpace inflation. The legislation also gives Medicare the ability to negotiate the price of a number of drugs. The law also includes a significant cap on o…