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.”
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.