Price negotiations and drug formularies could dramatically reduce costs for Medicare

According to a recent cost analysis by researchers at Brigham and Women’s Hospital in Boston, they found Medicare could save billions per year on insulin and other drugs if it were allowed to negotiate prices and implement a cost-saving formulary as the Department of Veterans Affairs (VA) does.  In 2017, Medicare Part D spent an estimated $7.8 billion on insulin products and if the agency had used VA negotiated prices, it would have spent only $5 billion, saving nearly $3 billion.  Read article here…

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