Drug price negotiation bill introduced

Five lawmakers introduced a bill on Wednesday which would authorize the federal government to negotiate drug prices under Medicare Part D.

The Medicare Drug Price Negotiation Act of 2017 would allow the HHS secretary to create a Medicare drug formulary for required use by sponsors of prescription drug plans, giving the secretary greater negotiating power. If the secretary was unable to negotiate an appropriate price, the legislation would set a "fallback" price based on what other federal agencies and foreign countries pay...