President Trump’s administration outlined proposed changes to the Medicare Part B program that would dramatically affect most vulnerable seniors and patient communities that don’t yet have a single therapy for their disease.
Medicare Part B supports the sickest, most vulnerable Medicare patients and accounts for only a small fraction of all Medicare spending. iBIO’s member companies are working on some of the most complex and hardest biomedical innovations for cancer, Alzheimers and rheumatoid arthritis.
The Trump Administration through the Centers for Medicare & Medicaid Services (CMS) is proposing to move from a market-based payment formula for Part B drugs to one based on foreign prices.
- Imports foreign price controls on American innovation, putting America’s most vulnerable patients last and diminishing their hopes for a better future;
- Undermines a successful Medicare Part B program by introducing new middlemen between patients and the medicines they need; and
- Fails to properly consider patient benefit, quality of care, or the impact on all patients and health care providers.
On June 20th, the White House’s Office of Management and Budget (OMB) formally received a proposed rule for review from HHS on the International Pricing Index (IPI) Model for Medicare Part B Drugs. Details of the new proposal have not been disclosed but it is anticipated that it will be narrower than the original version that was proposed by HHS last year.