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The Biden administration rolled out three new payment models intended to lower drug costs, including new Medicare coverage options for drugs cleared under accelerated approval.
The release of the three models on Tuesday is in response to an executive order President Biden delivered last year calling for the federal government to search for ways to lower prices.
“These selected models will test strategies to make it easier for Medicare patients to afford and access needed prescriptions at $2 or less, help expand access to cutting-edge cell and gene therapies for people with Medicaid, and help ensure drugs already on the market are safe and effective,” said Center for Medicare and Medicaid Innovation Director Liz Fowler in a statement.