CMS Announces 64 Prescription Drugs Flagged for Medicare Rebates
- June 28, 2024
The Centers for Medicare & Medicaid Services (CMS) highlighted this week ongoing efforts to crack down on excessive prescription drug price hikes, including announcing a new list of 64 Medicare Part B drugs whose prices outpaced inflation and may be subject to rebates for a three-month period starting in July.
CMS said more than 750,000 Medicare beneficiaries who use the drugs annually, which treat conditions such as osteoporosis, cancer, and infections, may save between $1 and $4,593 per day depending on individual coverage.
The Inflation Reduction Act, which was enacted in 2022, requires drug manufacturers to pay rebates to Medicare if their prices increase faster than inflation. The rebate program applies to drugs paid under Medicare Part B and Part D. Rebates for Part B covered drugs are determined quarterly, starting as of January 1, 2023.