Biden 2022 bud­get wish list calls for Medicare ne­go­ti­a­tions on drug prices, new $6.5B NIH agency

Pres­i­dent Joe Biden late last week re­leased his FY 2022 bud­get plan, call­ing for Medicare to ne­go­ti­ate pay­ment for cer­tain high-cost drugs, in ad­di­tion to the cre­ation of a new NIH agency to de­vel­op next-gen bio­med­ical break­throughs, and a slight in­crease in FDA fund­ing.

“The Pres­i­dent sup­ports re­forms that would bring down drug prices by let­ting Medicare ne­go­ti­ate pay­ment for cer­tain high-cost drugs and re­quir­ing man­u­fac­tur­ers to pay re­bates when drug prices rise faster than in­fla­tion,” the bud­get says, of­fer­ing few de­tails on how to ac­com­plish these re­forms but not­ing that they could “yield over half a tril­lion in Fed­er­al sav­ings over 10 years.”

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