Biden executive order aims to lower prescription drug costs

President Biden issued an executive order detailing new payment and delivery models intended to lower the prices of prescription drugs, reports Healthcare Finance News. The order follows August's passage of the Inflation Reduction Act of 2022, which was intended to protect beneficiaries from high drug costs by phasing in a cap for out-of-pocket costs at the pharmacy, and establishing a $35 monthly cap per prescription for insulin covered by a Medicare prescription drug plan, as well as insulin delivered through traditional pumps.