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CMS finalizes policies to reduce drug costs for Medicare beneficiaries

Published 04/03/2018, 09:42 AM
© Reuters.  CMS finalizes policies to reduce drug costs for Medicare beneficiaries
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  • The U.S. Health and Human Services' Centers for Medicare & Medicaid Services (CMS) has finalized a number of new policies aimed at lowering drug costs for seniors by encouraging more competition among plans and pharmacies. Specifically:
  • Certain generic drugs can now be substituted onto plan formularies at any point during the year.
  • The requirement that certain Part D plans be "meaningfully different" from each other removed thereby increasing the number of plan options available to Medicare beneficiaries.
  • "Willing provider" requirement clarified thereby increasing the number of pharmacy options available to Medicare enrollees.
  • Other policies being instituted:
  • New authority that permits Part D sponsors to require beneficiaries at risk of opioid addiction/overuse to use only selected prescribers or pharmacies for opioid prescriptions.
  • New initiatives aimed at reducing paperwork and regulatory obstacles.
  • Selected tickers: XLV IHE XPH PPH GNRX XBI BIB OTCQX:RHHBY ABBV AGN AZN BMY GSK JNJ LLY MRK NVO NVS PFE SHPG VRX TEVA MYL PRGO CVS WBA UNH AET CI AMED KND LHCG
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