GENE ONLINE|News &
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HHS Issues Initial Guidance on Negotiation Program as Government’s Latest Move to Reduce Drug Prices
For the very first time in history, Medicare will be able to negotiate lower prescription drug prices since the passage of the Inflation Reduction Act by Congress last August and its signing by President Joe Biden.
The U.S. Department of Health and Human Services (HHS), through the Centers for Medicare & Medicaid Services (CMS), issued initial guidance on March 15 that details the requirements and parameters associated with crucial elements of the new Medicare Drug Price Negotiation Program and includes requests for public comment. The new negotiated prices will apply for the first time in 2026.
According to Xavier Becerra, Secretary of HHS, “Through the Medicare Drug Price Negotiation Program, we will make sure seniors get a fair price on Medicare’s costliest prescription drugs, promote competition in the market, and ensure Medicare is strong for beneficiaries today and into the future.”
The U.S. Department of Health and Human Services (HHS), through the Centers for Medicare & Medicaid Services (CMS), issued initial guidance on March 15 that details the requirements and parameters associated with crucial elements of the new Medicare Drug Price Negotiation Program and includes requests for public comment. The new negotiated prices will apply for the first time in 2026.
According to Xavier Becerra, Secretary of HHS, “Through the Medicare Drug Price Negotiation Program, we will make sure seniors get a fair price on Medicare’s costliest prescription drugs, promote competition in the market, and ensure Medicare is strong for beneficiaries today and into the future.”
2023-03-21
Special
Comparing ESG Regulations in the U.S., the U.K., and the EU
Environmental, social, and corporate governance (ESG) is a rapidly evolving framework designed to hold companies accountable for their actions and increase understanding of how an organization or company manages its risks around these issues. In a perfect world, ESG knowledge would increase investor knowledge, maximizing stakeholder well-being.
Still, with so many confounding factors surrounding sustainability, human rights, labor conditions, and diversity in the workplace, standardizing ESG reporting is difficult, to say the least, in a corporate world filled with different industries with different objectives. Several countries and regions worldwide have worked and continue to work to standardize ESG reporting methods and requirements to give investors the best opportunity to get a clear picture of where they are putting their money and provide more robust frameworks for companies’ futures.
The U.S., the U.K., and the EU are huge markets that ESG significantly impact. In the ever-evolving landscape, though, the three areas hold different ESG requirements and are developing new, better ways for companies to report ESG considerations.
Still, with so many confounding factors surrounding sustainability, human rights, labor conditions, and diversity in the workplace, standardizing ESG reporting is difficult, to say the least, in a corporate world filled with different industries with different objectives. Several countries and regions worldwide have worked and continue to work to standardize ESG reporting methods and requirements to give investors the best opportunity to get a clear picture of where they are putting their money and provide more robust frameworks for companies’ futures.
The U.S., the U.K., and the EU are huge markets that ESG significantly impact. In the ever-evolving landscape, though, the three areas hold different ESG requirements and are developing new, better ways for companies to report ESG considerations.
2023-03-21
Sanofi Slashes Insulin Prices by Up to 78% Following Hot On the Heels of Major Competitors
Following in the footsteps of two major competitors in the insulin market, Eli Lilly and Novo Nordisk, Sanofi earlier issued a press release announcing a …
2023-03-19
Novo Nordisk Announces Major Insulin Price Cut by Up to 75%, Following in the Footsteps of Eli Lilly
Danish drugmaker Novo Nordisk recently announced a reduction in the list price of several insulin drugs in the United States by up to 75%, making it the latest major pharmaceutical company to slash the insulin price amid pressure to curb the treatment costs for diabetics in the country.
The price change, which will take effect on January 1, 2024, follows a path set earlier this month by Eli Lilly, one of the major rivals of Novo Nordisk in the insulin market of the United States. It involves the company’s pre-filled pens (FlexPen) as well as vials of long- and short-acting insulins, including Levemir, Novolin, NovoLog and NovoLog Mix70/30.
The list prices for Levemir and Novolin vials and FlexPens will be reduced by 65%, while NovoLog and NovoLog Mix 70/30 will become 75% cheaper. The list prices of unbranded insulin products will also be reduced to match lowered prices of respective branded insulin products.
The price change, which will take effect on January 1, 2024, follows a path set earlier this month by Eli Lilly, one of the major rivals of Novo Nordisk in the insulin market of the United States. It involves the company’s pre-filled pens (FlexPen) as well as vials of long- and short-acting insulins, including Levemir, Novolin, NovoLog and NovoLog Mix70/30.
The list prices for Levemir and Novolin vials and FlexPens will be reduced by 65%, while NovoLog and NovoLog Mix 70/30 will become 75% cheaper. The list prices of unbranded insulin products will also be reduced to match lowered prices of respective branded insulin products.
2023-03-15
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