Medicare: Dozens of Drugmakers Raised Prices Faster Than Inflation

Medicare: Biden administration slams pharmaceutical companies for steep price hikes on certain prescription drugs.

Medical clipboard, prescription or insurance document, health check or doctor diagnosis record, medicine or medicare checklist concept, doctor with stethoscope holding medical clipboard prescription.
(Image credit: Getty Images)

Dozens of pharmaceutical companies will be required to pay rebates to the Medicare program after they were found to have raised prices of 48 Part B drugs faster than the rate of inflation.

There were "outrageous price hikes" on medications that more than 750,000 seniors take annually, according to a recent Biden administration announcement. Drug companies are required to pay the rebates under the administration’s Inflation Reduction Act, which was passed last year.

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Esther D’Amico
Senior News Editor

Esther D’Amico is Kiplinger’s senior news editor. A long-time antitrust and congressional affairs journalist, Esther has covered a range of beats including infrastructure, climate change and the industrial chemicals sector. She previously served as chief correspondent for a financial news service where she chronicled debates in and out of Congress, the Department of Justice, the Federal Trade Commission and the Commerce Department with a particular focus on large mergers and acquisitions. She holds a bachelor’s degree in journalism and in English.

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