The prescription drug legislation in the Inflation Reduction Act of 2022 — backed by AARP — directed the Department of Health and Human Services to work with pharmaceutical companies to secure reduced prices on 10 widely used, brand-name medications that are expensive and lack generic or biosimilar alternatives.

The lower prices stem from the Medicare negotiation program created under the Biden administration's Inflation Reduction Act.

The Centers for Medicare and Medicaid Services has confirmed the standard monthly premium will rise to $202.90 next year.

WASHINGTON -- The federal government announced a large hike in Medicare premiums Friday night, blaming the pandemic but also what it called uncertainty over how much it may have to be forced to pay for a pricey and controversial new Alzheimer's drug, CNN ...

Pharma companies are facing pricing pressure from several directions, including from the U.S. Medicare negotiations