The outpatient prescription drug benefit known as

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Medicare Part D Prescription Drug Coverage: Federal Oversight of Reported Price Concessions Data

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By Jennifer R. Luong (au)
Year: 2008
Pages: 16
Binding Paperback

Product Code: 1437911471

Description

The outpatient prescription drug benefit known as Medicare Part D was first available in Jan. 2006, and that year it provided federally subsidized prescription drug coverage for nearly 28 million beneficiaries at a cost of $47.4 billion -- almost 12% of total Medicare spending. Part D sponsors -- entities that enter into contracts with Medicare -- administer the benefit and compete for beneficiary enrollment. To provide coverage, the sponsors enter into contractual relationships with pharmacy benefit managers, drug manufacturers, and retail pharmacies. The Part D program relies on sponsors to generate prescription drug savings, in part through their ability to negotiate price concessions, such as rebates and discounts, with these entities.

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