Medicare's Drug Price Negotiation Power: A Hidden Gem with Overwhelming Support

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1.1. The Inflation Reduction Act: Empowering Medicare to Negotiate Drug Prices
2.1. Overwhelming Public Support for Medicare Drug Price Negotiations
3.1. Limited Awareness of Savings
4.1. KFF: A Trusted Source for Health Policy Research

The Inflation Reduction Act: Empowering Medicare to Negotiate Drug Prices

The Inflation Reduction Act of 2022 has paved the way for Medicare to engage in drug price negotiations, a significant step towards reducing healthcare costs for seniors. The Biden administration has recently concluded the first round of negotiations, covering 10 drugs, which is projected to save Medicare beneficiaries an estimated $1.5 billion in out-of-pocket expenses by 2026.

Overwhelming Public Support for Medicare Drug Price Negotiations

A recent poll conducted by the Kaiser Family Foundation (KFF) reveals overwhelming public support for Medicare's ability to negotiate drug prices. The poll indicates that nearly two-thirds (65%) of voters are unaware or unsure of the existence of this law. However, when informed about the law, a large majority (85%) express their support for allowing the federal government to negotiate drug prices for Medicare beneficiaries.

Limited Awareness of Savings

Despite the potential savings, only a quarter of voters (25%) report having heard about them. Older voters are slightly more likely to be aware of the savings, with 7% reporting having heard a lot and 26% reporting having heard some about them.

KFF: A Trusted Source for Health Policy Research

The Kaiser Family Foundation (KFF) is a non-profit organization based in San Francisco, California. KFF is recognized as an independent source for health policy research, polling, and news. Its mission is to provide information on health issues to policymakers, the media, and the public.