This paper discusses Part D of the Medicare and the power given the regulatory agencies under this law.
Written in 2005; 1,280 words; 6 sources; APA; $ 43.95
Paper Summary:
This paper explains that Medicare, which is the health insurance program by the United States Federal government, provides medical treatment to qualified recipients and is run by The Centers for Medicare and Medicaid Services (CMS). Part D is the new outpatient prescription drug benefit. The author points out that, because the enactment of Medicare Part D makes the United States Federal Government the biggest client of pharmaceuticals in the U.S. and possibly the world, drug development and approval process will be notably affected by this law through the direct involvement of CMS in application reviews. The paper stresses that, by using a system of risk corridors, which compares actual incurred drug benefit costs to estimated costs submitted in bids, Medicare limits the profits and losses of Part D drug plans.
Table of Contents
What is Medicare?
The Centers for Medicare and Medicaid Services (CMS) and Its Influence on the Health Care Industry
Economics
How CMS Affects the Operation and Finance of Medicare Part D
From the Paper:
"CMS is also working with other health agencies such as the National Cancer Institute with regards to research and development of drugs. A new policy gives them additional powers to pay for off-label uses of a new drug or device, so long as patients are in involve in studies to gather new data that may be beneficial to future patients. This policy however raised certain concerns from industry players as to fears the agency will reject compensation of new cures or procedures unless the post-approval studies are paid for by sponsors. Nonetheless, guidelines have already been drafted to address this concern."
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