Makers of 48 Drugs to Face Penalties for Raising Prices Faster Than Inflation, Says White House

Manufacturers of 48 Medicare Part B drugs raised their prices faster than inflation in the last quarter of 2023 — in some cases even in each quarter over the past year — and the drugmakers will now face stiff penalties under the year-old Inflation Reduction Act (IRA), the White House said.

In a Dec. 14 statement, the White House singled out Cushing’s disease drug Signifor (pasireotide) for which Novartis raised prices faster than inflation in every quarter since the IRA’s inflation rebate provision went into effect.

President Biden said his administration is hoping to generate around $25 billion in drug cost savings via the IRA over the next eight years.

Read the full White House statement here.

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