this post was submitted on 15 Aug 2024
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politics

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Biden administration releases prices of 10 drugs in Medicare negotiations, says U.S. will save $6 billion in first year (www.cnbc.com)
submitted 1 month ago by vegeta@lemmy.world to c/politics@lemmy.world
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[–] givesomefucks@lemmy.world 63 points 1 month ago

I saw Mark Cuban on Daily Show a while ago, and apparently the whole thing with him lowering healthcare prices, is just that his healthcare company releases price information.

If a company wants their business, they have to make the contract public.

That sets a price point in an industry where no one knows what something costs.

And competitors then try to beat that price point.

I forget the example, but a medication went from 30k a month to like $100/month. Just because Cuban's company disclosed that's how little they could buy it for, and likely how much the 30k/month sellers were buying for.

I don't know how anyone thinks capitalism should be in healthcare, except the people running healthcare companies, obviously we know why they want it

[–] Rapidcreek@lemmy.world 24 points 1 month ago (1 children)

Thanks Joe

[–] AdamEatsAss@lemmy.world 6 points 1 month ago

"I did that"

[–] Krono@lemmy.today 5 points 1 month ago (1 children)

Why did we stop at 10?

This should happen with every drug.

[–] Dwayne_Elizondo_Mountain_Dew_Camacho@sh.itjust.works 2 points 1 month ago* (last edited 1 month ago) (1 children)

It's only the beginning:

_By February 2025, the Biden administration will also unveil up to 15 more drugs that will be subject to the next round of price talks, with agreed-upon prices going into effect in 2027. Drugmakers will have until the end of that month to decide whether to participate in the program.

After that second round, CMS can negotiate prices for another 15 drugs that will go into effect in 2028. The number rises to 20 negotiated medications a year starting in 2029.

“Sometimes I think people get caught up in the fact that their drug isn’t on the list, but it will be on the list at some point in the future if they’re taking a drug that’s resulting in high costs,” Purvis said. _

[–] Krono@lemmy.today 2 points 1 month ago (1 children)

Thanks for the thoughtful response, but the follow up question is obvious: why only 20 per year?

There are over 19,000 FDA approved drugs, and 50 more are added each year. It's going to take a couple hundred years to catch up at this rate.

[–] Wiz@midwest.social 1 points 1 month ago

It takes effort to do the RFQs and organize that fairly. That's one RFQ every couple of weeks. The solution would be to hire a bunch more procurement officers to process more RFQs.

They can at least target the drugs that make the biggest impact.

[–] MediaBiasFactChecker@lemmy.world -5 points 1 month ago

CNBC - News Source Context (Click to view Full Report)Information for CNBC:

MBFC: Left-Center - Credibility: High - Factual Reporting: Mostly Factual - United States of America
Wikipedia about this source

Search topics on Ground.Newshttps://www.cnbc.com/2024/08/15/medicare-releases-prices-for-first-10-drugs-subject-to-negotiations.html
Media Bias Fact Check | bot support