US to impose inflation fines on first set of drugs, lowering costs

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By Ahmed Aboulenein WASHINGTON (Reuters) -The U.S. government said on Wednesday it would subject 27 drugs to inflation penalties, a move that will reduce out-of-pocket costs for Medicare recipients by $2 to as much as $390 per average dose. The move comes ahead of a scheduled speech from President Joe Biden in Las Vegas later on Wednesday to highlight his administration’s efforts to lower prescription drug prices for most Americans, a key priority for Democrats. Biden’s signature Inflation Reduction Act includes a provision penalizing drugmakers for charging prices that rise faster than inflat…

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