Biden administration targets diabetes drug, blood thinner, others for Medicare price negotiations

A popular diabetes treatment and the blood thinner Eliquis are among the first drugs that'll be targeted for price negotiations in an effort to cut Medicare costs. President Joe Biden’s administration Tuesday released a list of 10 drugs for which the federal government will take a first-ever step: negotiating drug prices directly with the manufacturer. The move is expected to cut costs for some patients but faces litigation from the drugmakers and heavy criticism from Republican lawmakers. Tuesday's announcement is a significant step under the Inflation Reduction Act, signed by the Democratic president last year. The law requires the government to start negotiating directly with companies about the prices they charge for some of Medicare’s most expensive drugs.