US Drugmakers Agree to Negotiate Prices With Federal Govt

    US Drugmakers Agree to Negotiate Prices With Federal Govt
    Photo: Wikimedia Commons

    The Facts

    • The Biden administration announced on Tuesday that major US drug companies had committed to participating in Medicare price negotiations with the federal government, with 10 initial prescription drugs named as part of the program.

    • The first 10 drugs to be initially involved in negotiations — scheduled to end on Feb. 1, 2024 — include Eliquis, Januvia, Xarelto, and Stelara. Prices will be required to be at least 25% lower than current listings.


    The Spin

    Pro-establishment narrative

    While there is certainly division within America, the population broadly agrees that drug manufacturers have continued to take advantage of the healthcare system in order to create record profits. Corporate power must be regulated, and the system must listen to the demands of the people. Not only does this concern the abundant majority in favor of Medicare drug price negotiation, but all those who continue to suffer at the hands of Big Oil, Big Tech, and countless other companies.

    Establishment-critical narrative

    While the Biden administration's Medicare drug price negotiation sounds positive, in reality, the Inflation Reduction Act is designed to force manufacturers to accept the will of the state. Consequently, to counter being strong-armed by the public sector, companies will reduce investment and their commitment to future life-saving medical breakthroughs. Legal action is needed to ensure that over-regulation does not stifle innovation.

    Nerd narrative

    There is a 50% chance that at least 15.6% of the federal budget will be used for Medicare in 2024, according to the Metaculus prediction community.


    Establishment split

    CRITICAL

    PRO

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