“We will empower Medicare to at last be able to negotiate prescription drug prices for all public and private purchasers—for families and businesses, as well as older Americans.”
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The Inflation Reduction Act, signed August 16, 2022, created a Medicare Drug Price Negotiation Program, and on August 15, 2024 CMS announced negotiated prices for the first 10 Part D drugs, effective January 1, 2026. That delivered direct government negotiation of drug prices for Medicare during Biden's term. However, the law does not extend negotiated prices to 'all public and private purchasers' - families, businesses, and other private payers were not covered as promised - so part of the promise was kept, not all.
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