REUTERS: The Trump administration on Thursday scrapped one of its most ambitious proposals for lowering prescription medicine prices, backing down from a policy that would have required health insurers to pass on billions of dollars in rebates they receive from drugmakers to Medicare patients.
Shares of Cigna rose 12per cent, CVS gained 6per cent and UnitedHealth Group Inc was up 4per cent. Drug distributors like McKesson Corp and pharmacy Walgreens Boots Alliance Inc were also trading higher. "Shelving the rebate reform initiative, which pharma strongly supported, feels like payback," he added.
The rule would have forced companies like Cigna and CVS to either forgo these discounts or pass them onto Medicare patients enrolled in their health insurance plans and drug plans. The rebate rule, which was in the process of being finalized and would have gone into effect next year, was estimated by the nonpartisan Congressional Budget Office to cost the government US$177 billion over the next 10 years. The CBO also said that it was likely that drugmakers would not cut their prices because of the rule.
Source: Healthcare Press (healthcarepress.net)
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