A significant provision in the Inflation Reduction Act allows the Centers for Medicare & Medicaid Services (CMS) to negotiate drug pricing. Earlier this month, the CMS released the initial timeline for the development of this negotiation process.
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This winter and spring, the CMS will outline key elements needed for negotiation, including the data collection sources and methodologies used to apply maximum fair prices. The CMS will seek public comments on these elements.
By Sept. 1, 2023, the CMS will release the list of the 10 drugs that will be up for negotiation for the initial price applicability year. The negotiation process will begin in fall 2023 and continue until summer 2024, after which the CMS will publish the maximum fair prices for the 10 selected drugs. The new prices will become effective on Jan. 1, 2026. The negotiation process will occur annually, with additional medications selected for each cycle.
The ACR looks forward to actively participating in all public comment opportunities during this process.