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Drugmaker GSK Plc said on Friday that it will cut U.S. list prices on asthma drug Advair, herpes drug Valtrex, and anti-epileptic medication Lamictal on Jan. 1, 2024....
The price cuts come after several companies have already announced price decreases for insulins earlier this year as they worked to avoid potential penalties under 2021's American Rescue Plan Act if they had kept prices high. Under the law, drug companies are required to rebate the Medicaid program if price increases on medicines outpace inflation - and beginning in January 2024 those rebates could even be larger than the actual net cost of the drug. According to a GSK spokesman, the company plans to cut list prices by up to 70% on Advair, up to 48% on Lamictal and 10% for Valtrex.
The price cuts come after several companies have already announced price decreases for insulins earlier this year as they worked to avoid potential penalties under 2021's American Rescue Plan Act if they had kept prices high. Under the law, drug companies are required to rebate the Medicaid program if price increases on medicines outpace inflation - and beginning in January 2024 those rebates could even be larger than the actual net cost of the drug. According to a GSK spokesman, the company plans to cut list prices by up to 70% on Advair, up to 48% on Lamictal and 10% for Valtrex.
The price cuts come after several companies have already announced price decreases for insulins earlier this year as they worked to avoid potential penalties under 2021's American Rescue Plan Act if they had kept prices high. Under the law, drug companies are required to rebate the Medicaid program if price increases on medicines outpace inflation - and beginning in January 2024 those rebates could even be larger than the actual net cost of the drug. According to a GSK spokesman, the company plans to cut list prices by up to 70% on Advair, up to 48% on Lamictal and 10% for Valtrex.
(Reuters) - Drugmaker GSK Plc said on Friday that it will cut U.S. list prices on asthma drug Advair, herpes drug Valtrex, and anti-epileptic medicati...