Drug Companies Agree to Medicare Price Negotiations

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Today, the Biden administration announced that several major drug companies have agreed to negotiate drug prices with the federal government for Medicare patients. The pharmaceutical companies include Johnson and Johnson, Merck and Bristol Myers Squibb. Last month, the White House announced the 1st 10 drugs subject to the negotiations will include treatments for diabetes, heart failure and cancer. The negotiations begin in 2024. The final negotiated prices are expected to go into effect by 2026.