New Drug Pricing Model Aims to Revolutionize U.S. Costs
The U.S. Department of Health and Human Services has sent a new drug pricing pilot proposal, named the Global Benchmark for Efficient Drug Pricing (GLOBE) Model, to the White House for review. This pilot aims to align U.S. drug prices with those of other countries, addressing previous high cost disparities.
The Department of Health and Human Services (HHS), in collaboration with the Centers for Medicare and Medicaid Services, has submitted a drug pricing pilot proposal to the White House for assessment. Known as the Global Benchmark for Efficient Drug Pricing (GLOBE) Model, the initiative seeks official approval from the Office of Management and Budget before implementation.
While the specifics of the pilot remain undisclosed, sources indicate that the model may resemble a 2020 policy from the Trump administration. This framework sought to tie Medicare drug payments to the lowest international rates.
The U.S. has been known for paying significantly more for prescription drugs compared to other nations, with costs often being nearly three times higher. Former President Trump endorsed efforts to reduce this disparity, although previous initiatives faced legal setbacks.
(With inputs from agencies.)
Google News