The Biden administration announced that Medicare’s newly negotiated prescription drug prices are expected to save the U.S. government $6 billion in the first year alone. The lower prices, a result of the Inflation Reduction Act, aim to address the high costs of medications for the Medicare program, which serves 66 million older Americans. The newly negotiated prices are slated to take effect in 2026 and are part of broader efforts to lower healthcare costs before the 2024 presidential election. Also Read: Bristol Myers, Johnson & Johnson, AbbVie, AstraZeneca Expect Minimal Impact From Upcoming Medicare Price Negotiations. Citing the administration officials, Reuters highlighted that these changes ...