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The Biden administration has taken the first step in its program to allow Medicare to negotiate prices for 10 of the costliest prescription drugs. On February 1, it sent its opening offers to drugmakers.

"Throughout the negotiation process, the Centers for Medicare & Medicaid Services is dedicated to improving access to some of the most expensive drugs for people with Medicare while encouraging market competition and fostering innovation," CMS Administrator Chiquita Brooks-LaSure said. "Because of President Biden's Inflation Reduction Act, people with Medicare prescription drug coverage who have very high drug costs will have their costs capped for the first time ever, which will be especially important for many of the people who take the 10 drugs selected for the first cycle of negotiations."

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