The Savings from an Efficient Medicare Drug Plan
Publication Date:
Publisher: Center for Economic and Policy Research
Author(s): Dean Baker
Research Area: Health
Keywords: Prescription drugs; Price negotiation; Administrative costs
Type: Report
Coverage: United States
Abstract:
The Medicare Modernization Act (MMA) was passed in 2003 to reform the Medicare system, but the result was an inefficient set of rules and regulations. This report projects savings of $384 billion from 2010 to 2013, or close to $100 billion per year, if Medicare were allowed to negotiate directly with the pharmaceutical industry -- paying the same prices for drugs as countries like Australia -- and the program was administered in a more efficient manner.
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