PhRMA’s Post

Biopharmaceuticals sticker prices in US are out of control. This is true whether we consider pills, infusions, or subcutaneous injections. The innovation story does not explain why identical medications cost anywhere between 3-5 times more in the US as opposed to, say, in Germany or UK. Plus, many of the medications are innovations that come out of companies (sometimes startups) in Europe. Even medications innovated and developed in Europe are priced 3-5 times higher in US than in Europe.

This is an important update. If you want further information, please reach out to me

👇BIG CHANGES COMING TO MEDICARE IN 2025 - IS YOUR AGENCY PREPARED?👇 Are you ready for the upcoming Medicare changes? Starting in 2025, there will be significant updates, including a $2,000 cap on out-of-pocket prescription drug costs and new options for Medicare Advantage plans. These changes could impact your healthcare coverage and costs. Don't navigate these changes alone! Reach out to us for quality calls and personalized guidance to ensure you make the best decisions for your agency's goals. #Medicare2025 #HealthcareChanges #MedicareAdvantage #PrescriptionDrugs #HealthcareSupport

The Inflation Reduction Act, which impacts Medicare Part D, is designed to benefit consumers by reducing their out-of-pocket costs for prescription drugs. Here are some key ways it affects consumers: Capped Out-of-Pocket Costs: The act introduces a cap on out-of-pocket spending for Medicare Part D beneficiaries, providing financial relief for those with high prescription drug expenses. Lower Cost Sharing: It reduces cost-sharing for beneficiaries by lowering the percentage of drug costs they are responsible for, particularly for those in the catastrophic coverage phase. Additional Coverage: The act expands coverage for certain drugs, including insulin, by requiring plans to provide coverage with no deductible or a reduced cost-sharing amount. Increased Competition: The act aims to increase competition among drug manufacturers, which could lead to lower drug prices and more affordable options for consumers. Overall, these changes are intended to make prescription drugs more affordable and accessible for Medicare Part D enrollees, providing them with greater financial protection against high drug costs.

#Health #Longevity These negotiated drugs are some of the most expensive and most frequently dispensed drugs in the Medicare program and are used to treat conditions such as heart disease, diabetes, and cancer. #GeneMelamudCFP #RetirementPlanning

Happy (almost) birthday to the Inflation Reduction Act (IRA)! It’s been nearly 2 years since the landmark bill was passed and our latest First Report Managed Care blog provides an update at the progress and ongoing challenges of the IRA. Highlights include: ➡ The historic context of the government’s ability to negotiate drug prices ➡ The latest updates on CMS’s guidance and industry reaction Read the full blog to stay informed and stay ahead! https://lnkd.in/eR_ZwiTR #HealthcareReform #DrugPricing #CMSGuidance #HealthcarePolicy #PharmaIndustry #HealthEquity #MedicalUpdates #PolicyProgress #HMPMarketAccessInsights #FirstReportManagedCare #HMPGlobal #InflationReducationAct U.S. Department of the Treasury

The #InflationReductionAct is responsible for some of the most significant #Medicare developments in recent years, and some of the most significant changes will happen in 2025. You can read this article to learn more: https://lnkd.in/gF7DaknP

The changes to Medicare Part D coming down the pipe are some of the most significant changes to the Medicare program in many years. This will impact both beneficiaries and even employer plans when it comes to Part D creditable coverage determinations. The full implications are still being realized and nothing will truly be finalized until plans are released Oct 1. If you don’t work with a Medicare insurance professional (or aren’t getting the help), now is the time to find someone. I am here and can help you understand these changes and how they impact your benefits or the benefits of your employees. #Medicare #InflationReductionAct #PartD #IndependentAgent

Significant Changes Coming to Medicare Part D in 2025! Medicare Part D, which covers prescription drugs, is set to undergo major transformations in 2025. Here’s what you should know: Out-of-Pocket Cap: Starting in 2025, there will be a $2,000 annual cap on out-of-pocket costs for prescription drugs under Part D. This significant change will help those with high medication expenses manage their costs more predictably. Elimination of the Coverage Gap: The notorious "donut hole" will be eliminated, simplifying the cost structure and making it easier for beneficiaries to understand their coverage. Payment Options: A new option to spread out-of-pocket costs over the year rather than paying them all at once will be introduced, providing financial relief especially for those with high-cost medications. To dive deeper into these changes and understand how they might affect you, we encourage you to watch this informative video: Watch the video here: https://lnkd.in/gsi2WNm7 These updates are designed to make prescription drug coverage more accessible and manageable. Stay informed to navigate these changes effectively! #MedicarePartD2025 #PrescriptionDrugCosts #HealthcarePolicy #MedicareChanges