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☆ Lab owner who defrauded Medicare to forfeit $187 million, Ferrari
▼ + stars: | 2023-10-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

A Miami federal judge ordered a lab owner convicted of defrauding Medicare to forfeit more than $187 million worth of proceeds from the scam, including $30 million in cash, a 2018 Ferrari Spider and real estate, the U.S. Department of Justice said Wednesday. The lab owner, Minal Patel of Atlanta, was sentenced in August to 27 years in prison for filing nearly $500 million in false claims to Medicare for sophisticated, and expensive, cancer genetic tests. The DOJ said Wednesday that the 44-year-old conspired with telemedicine companies, call centers and patient brokers to convince Medicare beneficiaries to take the genetic tests through his company LabSolutions. Medicare paid out more than $187 million in false claims for the tests. In addition to the Ferrari, which he bought for nearly $400,000, Patel also will forfeit a Land Rover Range Rover that he purchased for $215,000, according to court documents.

Persons: Spider, Minal Patel, Patel Organizations: Miami, U.S . Department of Justice, Medicare, DOJ, Ferrari, Rover Locations: Atlanta

☆ The Biden administration is negotiating lower prices for 10 medications with drug manufacturers
▼ + stars: | 2023-10-04 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

AdvertisementAdvertisementThe Biden administration announced Tuesday it is beginning talks with drug makers behind 10 expensive medications to lower prices for recipients of Medicare, the national health insurance program for older Americans and people with disability status. The negotiations are expected to last until 2024, with the lower prices expected to go into effect in 2026. The Congressional Budget Office "estimated that price negotiation will lower average drug prices paid by Medicare and will reduce the budget deficit by $25 billion in 2031." "Negotiating provides us a critical tool to ensure they get those prescription drugs at lower prices – just as the U.S. Department of Veterans Affairs has done for years." AdvertisementAdvertisementThe Biden administration has recently taken aim at high drug prices and high profits at pharmaceutical companies.

Persons: —, Biden, Juliette Cubanski, Harris, Xavier Becerra, Jardiance, Eli Lilly Organizations: Service, Congressional, Medicare, Biden, Harris Administration, Human Services, U.S . Department of Veterans Affairs, HHS, Centers, Services

☆ Medicare funding shortfall may be 'life and death' for millions of Americans, lawmaker says. Here's why taxes are a sticking point
▼ + stars: | 2023-10-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Retirees who rely on Medicare for health-care coverage may see those benefits diminish in as soon as eight years. The program's hospital insurance trust fund, which pays for Medicare Part A benefits including inpatient hospital care, may only pay 100% of benefits through 2031, according to projections from Medicare's trustees. When it comes to repairing the programs' funds, Congressional lawmakers generally have two choices: raise taxes, cut benefits or a combination of both. "It's simple arithmetic: raise revenue or cut benefits," Whitehouse said of preserving Medicare. "If we abide by what seemed like a bipartisan commitment not to cut benefits," said Whitehouse, referring the State of the Union earlier this year, "we must safeguard Medicare by raising revenue."

Persons: Sen, Sheldon Whitehouse, Whitehouse, Joe Biden Organizations: Medicare, Finance, Social Security, Security

WASHINGTON (AP) — U.S. regulators on Tuesday authorized another option for fall COVID-19 vaccination, updated shots made by Novavax. Updated vaccines from Pfizer and Moderna began rolling out last month, intended for adults and children as young as age 6 months. Now the Food and Drug Administration has added another choice –- reformulated Novavax shots open to anyone age 12 and older. The Centers for Disease Control and Prevention already has urged most Americans to get a fall COVID-19 vaccination, shots tweaked to protect against a newer coronavirus strain. Novavax said shots will be available “in the coming days.”Protection against COVID-19, whether from vaccination or from an earlier infection, wanes over time.

Persons: Novavax, There’s Organizations: WASHINGTON, —, Novavax, Pfizer, Moderna, and Drug Administration, Disease Control, COVID, CDC, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: — U.S

Also included is diabetes treatment Jardiance, which was used by nearly 1.6 million Medicare enrollees and had a 2022 out-of-pocket cost per enrollee of $490. In all last year, 9 million seniors and other Medicare beneficiaries paid more than $3.4 billion on these 10 drugs alone, the White House said. “For decades, drug companies in America made record profits while big pharma worked to block Medicare from being able to negotiate lower drug prices for seniors. Even with with Tuesday's prescription drugs announcement, however, the process could still be complicated by lawsuits from drugmakers and sharp criticism from Republicans. Biden noted that the drug manufacturers' agreeing to participate followed a court decision allowing Medicare price negotiation plans to move forward.

Persons: Joe Biden, White, “, ” Biden, Biden, ” Organizations: WASHINGTON, Medicare, Services, Democratic, Biden Locations: America, Atlanta

☆ Another government shutdown is looming. Here's what needs to happen so Americans don't face the consequences.
▼ + stars: | 2023-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

It will continue funding until November 17, at which point another bill is needed to avert a shutdown. The short-term resolution did not include Ukraine aid, a funding sticking point. "They said they were going to support Ukraine in a separate vote. By a vote of 335 to 91 — with 209 Democrats and 126 Republicans voting in favor — the short-term bill passed Congress. Illinois Rep. Mike Quigley, the only Democrat who voted against the resolution, said he did so because it did not include Ukraine funding.

Persons: —, Democratic Sen, Michael Bennet, Bennet, Biden, Mike Quigley, Putin, Jeanne Shaheen, Kevin McCarthy's, McCarthy, Matt Gaetz, Gaetz Organizations: Service, Federal Aviation Administration, Republicans, Democratic, Ukraine, SNAP, Social Security, Medicare, Lawmakers, Illinois, Politico, GOP, CNN Locations: Ukraine, Congress

Health insurance provider The Cigna Group will pay more than $172 million over claims it gave the federal government inaccurate Medicare Advantage diagnoses codes in order to inflate reimbursement. The case centered around allegations that Cigna violated the False Claims Act by submitting and not withdrawing “inaccurate and untruthful” codes, according to the U.S. Department of Justice. The department said in a statement Saturday that Cigna falsely certified in writing that its data was truthful. Medicare Advantage plans are privately run versions of the federal government’s Medicare program mainly for people 65 and older. That deal is designed to promote compliance with federal health program requirements.

Persons: Cigna, “ Organizations: U.S . Department of Justice, Medicare, Department of Health, Human Services Locations: Bloomfield , Connecticut

☆ 'You only get Social Security while you're alive,' expert says. What happens to benefits after you die
▼ + stars: | 2023-10-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

"You only get Social Security while you're alive," said Bruce Tannahill, a director of estate and business planning with MassMutual. "People need to take into account how important Social Security is in their estate planning," said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator. There are some key takeaways to know about what happens to Social Security benefits in the event you or a loved one passes away. If someone receives their monthly Social Security payment and then dies, the Social Security Administration may not take the money back, according to Blair. If a deceased beneficiary was due a Social Security check or a Medicare premium refund when they died, a claim may be submitted to the Social Security Administration.

Persons: Bruce Tannahill, Jim Blair, Blair, Tannahill, Joe Elsasser, Elsasser Organizations: Getty, Social, Premier Social Security Consulting, Social Security, Finance, Social Security Administration, Security

☆ Social Security, Medicare, and other key programs Americans rely on could become 'vulnerable' depending on an upcoming Supreme Court ruling, a former federal official says
▼ + stars: | 2023-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Supreme Court is hearing oral arguments in a case challenging the CFPB's funding structure. A former FDIC official said an adverse ruling could risk Social Security and Medicare. Any agency that doesn't rely on annual funding from Congress would be jeopardized, she said. AdvertisementAdvertisementStill, advocates and lawmakers have stressed the importance of preserving the CFPB's funding structure to protect consumers from the potential fallout. A bad decision in the Supreme Court could wreck the financial security of millions of families and turn our economy upside down."

Persons: —, Sheila Bair —, Federal Deposit Insurance Corporation —, Bair, Dodd, Frank Wall, Shahid Naeem, Massachusetts Sen, Elizabeth Warren, Warren Organizations: FDIC, Security, Service, Financial, Community Financial Services Association of America Ltd, Federal Reserve, Fifth Circuit, Federal Deposit Insurance Corporation, Social Security, Frank Wall Street Reform, Consumer Protection, American Economic Liberties Project, Congress Locations: Massachusetts

☆ Drugmakers opt in to Medicare drug price negotiations – here's what happens next
▼ + stars: | 2023-10-02 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, January 9, 2020. All drugmakers of the first 10 medicines selected for Medicare drug price negotiations have agreed to participate in the talks, even after many of them sued to halt the process last month. The Centers for Medicare & Medicaid Services did not immediately respond to a request to confirm that all drugmakers agreed to the talks. President Joe Biden's Inflation Reduction Act, which passed last year, empowered Medicare to negotiate drug prices for the first time in the program's six-decade history. The pharmaceutical industry also argues that the process will threaten revenue growth, profits and drug innovation.

Persons: Joe Biden's, Boehringer Ingelheim, Johnson Januvia, Merck Farxiga, Novartis Enbrel, Amgen Imbruvica, AbbVie Stelara, Janssen, Bristol Myers, Biden Organizations: Pfizer Pharmaceuticals, CNBC, Medicare, Services, Sunday, Bristol Myers Squibb Jardiance, Johnson, Merck, AstraZeneca Entresto, Novartis, Novo Nordisk, U.S, CMS, Bristol, Bristol Myers Squibb Locations: Provo , Utah

☆ Why paying off your student loans won't get easier anytime soon
▼ + stars: | 2023-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +14 min

Student-loan borrowers are entering uncharted territoryThe Education Department has never had to reenter 28 million people into payments at the same time. Plus, federal servicers' technology may not be up to the task. In contrast, federal student-loan servicing has been contracted out to five companies, and the government doesn't have the resources to fully keep tabs on the industry. "So there really were deep-rooted structural problems in the loan programs on the policy design but also on the execution side," Kvaal said. As the years went on, the GAO continued to identify flaws in student-loan programs that were hurting borrowers.

Persons: Greg Ogden, Ogden, I've, servicer, he's, he'd, We're, Sen, Elizabeth Warren, James Kvaal, —, Kvaal, Barack Obama's, Obamacare, servicers, Scott Buchanan, servicers —, servicer MOHELA, MOHELA, Biden, Virginia Foxx, she's, Cardona, it's, Foxx, Carolyn Fast, Joe Biden's, Buchanan, Warren, Pamela Herd, Herd, Melissa Emrey, that's, Miguel Cardona, we're Organizations: Public, Education Department, Department, Student Loan, —, GOP, The Century Foundation, Federal Student Aid, Georgetown University, Medicare, Student Aid, Office, Biden, Social, Education, Consumer Financial, Emrey, Federal, Aid Locations: servicers, Arras

☆ Student loan bills resume for 40 million Americans. How it could shake the economy
▼ + stars: | 2023-10-01 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Student loan forgiveness advocates rally outside the U.S. Supreme Court building in Washington, D.C., after the nation's high court struck down President Joe Biden's student debt relief program, June 30, 2023. Ryan Moran, a nurse in Jacksonville, Florida, hasn't thought about his federal student loans in years. The pandemic-era pause on federal student loan payments ends Sunday, leaving as many as 40 million Americans on the hook for a new monthly bill they haven't needed to make in more than three years. But as the Biden administration ramps up repayment of the more than $1.7 trillion in federal student loan debt, retailers and lenders are bracing for a hit. "The economy will struggle in the fourth quarter, in meaningful part due to the end of the student loan payment moratorium," said Mark Zandi, chief economist at Moody's Analytics.

Persons: Joe Biden's, Ryan Moran, Amelia, Moran, Biden, Mark Zandi Organizations: U.S, Supreme, Washington , D.C, Finance, Security, White, Moody's Locations: Washington ,, Jacksonville , Florida

☆ Cigna Group announces settlement with US on claims it overcharged Medicare Advantage program
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

Signage for Cigna is pictured at a health facility in Queens, New York City, U.S., November 30, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsWASHINGTON, Sept 30 (Reuters) - Health insurer Cigna Group (CI.N) says it has reached a settlement with the United States over claims it overcharged the government's Medicare Advantage program by making it appear patients were more ill than they actually were. The settlement, reached on Friday, includes a payment of about $172 million by Cigna. Cigna said it also will enter into a corporate integrity agreement with the U.S. Office of Inspector General. Medicare is a government health insurance program for people ages 65 and older.

Persons: Andrew Kelly, Cigna, Paul Grant, Daniel Wallis Organizations: REUTERS, Rights, Cigna, U.S . Office, U.S, Medicare, Thomson Locations: Queens , New York City, U.S, United States, Manhattan, Connecticut

WASHINGTON (Reuters) -The U.S. Congress passed a stopgap funding bill late on Saturday with overwhelming Democratic support after Republican Speaker Kevin McCarthy backed down from an earlier demand by his party’s hardliners for a partisan bill. That move marked a profound shift from earlier in the week, when a shutdown looked all but inevitable. Congress typically passes stopgap spending bills to buy more time to negotiate the detailed legislation that sets funding for federal programs. House Republicans are demanding a further $120 billion in cuts. “House Republicans tried to walk away from that deal by demanding drastic cuts that would have been devastating for millions of Americans.

Persons: Kevin McCarthy, Joe Biden, McCarthy, ’, “, Chuck Schumer, Hakeem Jeffries, Donald Trump, Don Beyer, Republicans ’, Republican Mitch McConnell, Michael Bennett, Chris Van Hollen, ” McCarthy, ”, Biden, ” Biden Organizations: WASHINGTON, U.S, Congress, Democratic, Republican, National Parks, WIN, Extreme MAGA Republicans, Republicans, Ukraine, Senate, creditworthiness, Social Security, “ Locations: National, Ukraine

WASHINGTON (Reuters) -The U.S. Congress passed a stopgap funding bill late on Saturday with overwhelming Democratic support after Republican House Speaker Kevin McCarthy backed down from an earlier demand by his party’s hardliners for a partisan bill. That move marked a profound shift from earlier in the week, when a shutdown looked all but inevitable. Congress typically passes stopgap spending bills to buy more time to negotiate the detailed legislation that sets funding for federal programs. House Republicans are demanding a further $120 billion in cuts. “House Republicans tried to walk away from that deal by demanding drastic cuts that would have been devastating for millions of Americans.

That move marked a profound shift from earlier in the week, when a shutdown looked all but inevitable. "Democrats have said from the start that the only solution for avoiding a shutdown is bipartisanship, and we are glad Speaker McCarthy has finally heeded our message." Democratic Senator Michael Bennet held the bill up for several hours trying to negotiate a deal for further Ukraine aid. House Republicans are demanding a further $120 billion in cuts. "House Republicans tried to walk away from that deal by demanding drastic cuts that would have been devastating for millions of Americans.

Persons: Michael Bennet's, Kevin McCarthy, Joe Biden, McCarthy, Chuck Schumer, Hakeem Jeffries, Donald Trump, Don Beyer, “, Republicans ’, Ken Cedeno, Republican Mitch McConnell, Michael Bennet, Chris Van Hollen, Biden, David Morgan, Makini Brice, Moira Warburton, Kanishka Singh, Andy Sullivan, Scott Malone, Andrea Ricci, William Mallard Organizations: U.S, Congress, Democratic, Republican, National Parks, WIN, MAGA Republicans, Republicans, REUTERS, Ukraine, Senate, creditworthiness, Social Security, Medicare, Thomson Locations: National, Ukraine

That bill would have cut spending and imposed immigration and border security restrictions, Republican priorities that had little chance of passing the Democratic-majority Senate. "It's not the end yet; I've got other ideas," Republican House Speaker Kevin McCarthy told reporters following the defeat of a bill he had backed. Social Security payments themselves would continue. Lawmakers are not considering cuts to popular benefit programs such as Social Security and Medicare. Several hardliners have threatened to oust McCarthy from his leadership role if he passes a spending bill that requires any Democratic votes to pass, an outcome almost guaranteed given that any successful House bill must also pass the Senate, controlled by Democrats 51-49.

Persons: Kevin McCarthy, Jonathan Ernst, It's, I've, Joe Biden, Janet Yellen, creditworthiness, Biden, Mark Milley's, McCarthy, Hakeem Jeffries, Donald Trump, Biden's, Dan Crenshaw, Richard Neal, Moira Warburton, David Morgan, Scott Malone, Alistair Bell, Jonathan Oatis Organizations: Capitol, REUTERS, Rights, Republicans, U.S . House, Democratic, Republican, National Park Service, Securities and Exchange, Treasury, Social, Social Security, Democrats, Reuters, Thomson Locations: Washington , U.S, U.S, Mexico

☆ Hardline Republican holdouts push U.S. government closer to shutdown
▼ + stars: | 2023-09-29 | by ( Moira Warburton | ) www.reuters.com time to read: +4 min

Republican hardliners have said they will not take up a Senate bill to fund the government through Nov. 17, which has advanced with broad bipartisan support, including that of top Senate Republican Mitch McConnell. Lawmakers are not considering cuts to popular benefit programs such as Social Security and Medicare. Former President Donald Trump, Biden's likely election opponent in 2024, has taken to social media to push his congressional allies toward a shutdown. A shutdown will also delay vital economic data releases, which could trigger financial market volatility, and delay the date that retirees learn how much their Social Security payments will rise next year. Social Security payments themselves would continue.

Persons: Kevin McCarthy, Craig Hudson, Joe Biden, Republican Mitch McConnell, Moody's, creditworthiness, McCarthy, Biden, Donald Trump, Biden's, Dan Crenshaw, Mike Garcia, Richard Neal, I've, Marc Molinaro, Moira Warburton, Scott Malone 私 Organizations: Capitol, REUTERS, Rights, U.S, Republicans, National Park Service, Securities and Exchange, Democratic, Republican, Social Security, Democrats, Reuters, Senate, Moderate, Social Locations: Washington , U.S, U.S, Mexico

It’s a reality that Senate Minority Leader Mitch McConnell called “completely unfair,” as federal workers feel the brunt of lawmakers' inability to agree on a plan to fund the government. A shutdown occurs when Congress can’t pass legislation to fund the government before the start of the fiscal year. The Office of Management and Budget directs each federal agency to create a shutdown contingency plan reviewable on its website that identifies essential workers and services. Government shutdowns have become familiar to many federal workers, with the last shutdown ending in 2019. Other federal employees may hold jobs that are considered essential and may be required to work without pay during a shutdown.

Persons: shutdowns, hasn’t, Matt Gaetz, Joe Biden, Mitch McConnell, Shutdowns haven’t, Benjamin Civiletti Organizations: Management, Budget, Government, Congressional, Postal Service, District of Columbia, Social Security, Transportation Security Administration, White Locations: Florida, furloughs, District

☆ Federal judge declines to block Medicare drug price negotiations
▼ + stars: | 2023-09-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, January 9, 2020. A federal judge on Friday declined to block the Biden administration from implementing Medicare drug price negotiations, upholding for now a controversial process that aims to make costly medications more affordable for older Americans. That date is the deadline for manufacturers of the first 10 drugs selected for negotiations to agree to participate in the talks. Newman also gave the Biden administration until Oct. 27 to renew its motion to dismiss the case. The ruling from Newman is a blow to the pharmaceutical industry, which views the process as a threat to its revenue growth, profits and drug innovation.

Persons: Biden, Judge Michael Newman, Newman, Donald Trump, Joe Biden's, Johnson Organizations: Pfizer Pharmaceuticals, Southern, Southern District of Ohio, Chamber of Commerce, Chamber, Merck, Johnson Locations: Provo , Utah, Southern District

☆ The consequences of old, powerful politicians refusing to let go
▼ + stars: | 2023-09-29 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +9 min

CNN —Most people don’t want to work into their 80s and 90s, but the powerful in Washington refuse to let go. “Anybody who thinks that if I step down, Obama could appoint someone like me, they’re misguided,” she told Elle in 2014. Nikki Haley got some early attention for her presidential campaign when she suggested a mental competency test for politicians over 75. What voters like most of all is what they knowThe most powerful force in American politics isn’t age or ideas, but rather incumbency. Everyone may have to work longer in the futureAmerican life expectancy, despite advances in medical care, was 77.4 in 2020.

Persons: Sen, Dianne Feinstein, California Democrat –, –, Gavin Newsom, Feinstein, Mitch McConnell, Nancy Pelosi, Pelosi, ” Pelosi, CNN’s Anderson Cooper, ”, “ He’s, Mitt Romney, ” Romney, Biden, Donald Trump, George H.W, George H.W . Bush, Clarence Thomas –, Thurgood Marshall, Marshall, ” Marshall, Bill Clinton, Ginsburg, Ruth Bader Ginsburg, Obama, “, Elle, Barack Obama, Amy Coney Barrett, Antonin Scalia, Nikki Haley, Trump, Haley, Ronald Reagan, Harry Enten, midterms, Charles Grassley, he’d, West Virginia Sen, Robert Byrd’s, Byrd, John McCain Organizations: CNN, California Democrat, California Gov, Capitol, Republican, Republicans, KGO, Utah Republican, Democrat, Former South Carolina Gov, Trump, Senate, Arizona Republican, Social Security Locations: Washington, California, Francisco, Utah, George H.W ., Former, West Virginia

☆ Ad spending for obesity, diabetes drugs is soaring this year, as drugmakers shell out nearly $500 million
▼ + stars: | 2023-09-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

Drugmakers spent nearly $500 million on advertisements for obesity and diabetes treatments in the U.S. during the first seven months of this year, up 20% from the same period a year ago, according to new data released Friday. The data, from advertising analytics firm MediaRadar, demonstrates the rush by companies to capture new customers after months of hype around Novo Nordisk 's diabetes drug Ozempic and weight loss counterpart Wegovy. Those drugs and similar treatments have soared in demand this year for their ability to help patients lose unwanted pounds. U.S. health-care providers wrote more than 9 million prescriptions for Ozempic, Wegovy, and other obesity and diabetes drugs during the last three months of 2022, up 300% from early 2020. The top four drugs advertised were Novo Nordisk's Ozempic, Wegovy and diabetes pill Rybelsus and Boehringer Ingelheim's own diabetes treatment Jardiance, which is set to face drug price negotiations with the federal Medicare program.

Persons: Doctor Thomas Horbach, Wegovy, Drugmakers, MediaRadar, Boehringer Organizations: Novo Nordisk, Novo Nordisk's Ozempic Locations: Germany, Munich, U.S

☆ Craft beer, marriages and air travel: The collateral damage of a government shutdown
▼ + stars: | 2023-09-29 | by ( Alex Seitz-Wald | ) www.cnbc.com time to read: +14 min

Staff, meanwhile, have been forced to put their real jobs on hold to prepare for the looming shutdown. National parksThe National Park Service plans to close its parks and furlough park rangers if the government shuts down on Sunday. During the 2018-2019 shutdown, the parks themselves remained accessible, but without most services. Some presidential libraries would remain open as long as they have sufficient funds, but others would close and research services would be reduced. A shutdown would result in a "data blackout" of critical economic statistics that influence markets and businesses around the globe.

Persons: Donald Trump, that's, Biden, Joshua, Armando L, Sanchez, Pete Buttigieg, they're, White, Treasury Department furloughed, shutdowns Organizations: Yosemite, Fresno Bee, Tribune, Service, Getty, White House Council, Economic Advisers, Management, Staff, National Park Service, Park Service, Department of Interior, NBC, Congressional Research Service, National Zoo, U.S . Holocaust, Museum, National, Science, National Science Foundation, National Institutes of Health, Centers for Disease Control, Prevention, FBI Agents Association, FBI, Air, Transportation Security, LaGuardia, TSA, O'Hare International, State Department, Consular, Education Department, AmeriCorps, Agriculture Department, Assistance, Women, Small Business Administration, Federal Housing Administration, Social, Consumer, Food and Drug Administration, Consumer Product Safety, Environmental Protection Agency, Occupational Safety, Health Administration, Labor, —, Social Security, Medicare, Treasury Department, Foreign Assets Control, Russia Locations: El Capitan, Yosemite Valley, Washington, Civil, U.S, Europe, Southeast Asia, New Mexico, shutdowns, New York, Chicago, Russia, Iran, Ukraine

U.S. President Joe Biden delivers remarks on Social Security and Medicare at the University of Tampa in Tampa, Florida, U.S. February 9, 2023. The ruling is the first to come from multiple lawsuits by drug companies and industry groups challenging the program. The drug price negotiation program is part of the Inflation Reduction Act, which Biden, a Democrat, signed last year. The Biden administration has repeatedly said there is nothing in the Constitution that prohibits drug price negotiations. Many other countries already negotiate drug prices.

Persons: Joe Biden, Jonathan Ernst, vindicating, Joe Biden's, Michael Newman, Biden, drugmakers, Newman, Karine Jean, Pierre, Donald Trump, Johnson, Januvia, Bristol Myers, Boehringer, Brendan Pierson, Nate Raymond, Costas Pitas, Alexia Garamfalvi, Bill Berkrot, Chris Reese, Leslie Adler Organizations: Social Security, University of Tampa, REUTERS, U.S, District, U.S . Chamber of Commerce, Medicare, Commerce, U.S . Justice, Republicans, Big Pharma, Republican, U.S . Centers, Medicaid Service, CMS, Bristol Myers Squibb, Pfizer, Johnson, Merck, Co's, Pharmaceutical Research, Manufacturers of America, Companies, Thomson Locations: Tampa , Florida, U.S, Dayton , Ohio, New York, Boston

☆ Insurers and drug-industry middlemen are cashing in on the weight-loss drug frenzy
▼ + stars: | 2023-09-28 | by ( ) www.businessinsider.com time to read: +5 min

Insurers and the drug-industry middlemen they own stand to earn more as healthcare spending increases. AdvertisementAdvertisementFor US health insurers, explosive demand for new weight-loss drugs likely means bigger profits. Insurers and the drug-industry middlemen they own stand to earn more as weight-loss drugs drive up healthcare spending, BofA analysts wrote. Meanwhile, if the drugs help people live longer, insurers could earn more from higher enrollment in their health plans. As weight-loss drugs drive up healthcare spending, insurers will make more moneyWeight-loss drugs, which can cost around $1,000 a month, are driving up healthcare spending.

Persons: Li Ran, Brian Evanko, Evernorth Organizations: Trilliant Health, Bank of America Global Research, Getty, Cigna, CVS Health, UnitedHealth Group, CVS, Kaiser Family Foundation Locations: Xinhua, GLP

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