Patients with private health insurance aren't likely to see a drop in costs from the negotiations.
Longo said the price-setting provisions will drive research and investment away from treatment options for Medicare patients.
If drug companies won't come to the negotiating table to lower drug prices paid by private insurers, those insurers could take the companies' drugs off their lists of covered medications.
Or, if private insurance companies don't negotiate drug prices down for their patients, patients in some cases could seek out different insurance.
"These are not full solutions, but they are the beginning of cracks in the facade" of drug companies' constant price hikes, Feldman said.
Persons:
Biden, Juliette Cubanski, Jeffrey Davis, Davis, Richard Frank, —, Nicole Longo, Longo, it's, — aren't, Robin Feldman, Feldman, Cuban's
Organizations:
Medicare, Healthcare, Morning, Centers, Services, Congressional, McDermott, Consulting, Brookings Schaeffer Initiative, Health, Pharmaceutical Research, Manufacturers of America, PhRMA, University of California Law School, Costco, Pharmaceutical
Locations:
Lower