“Today’s announcement from the Centers for Medicare and Medicaid Services is a step in the right direction.  Introducing the power of competition through private sector negotiations between Medicare Advantage plans and drug manufacturers will help reduce drug prices for American seniors and save taxpayer dollars.

“We applaud the Administration’s focus on bringing down drug prices and increasing access to biosimilar medications.  We look forward to seeing more details of this plan and we will work with the Administration and other stakeholders to achieve a necessary balance between improved price negotiation and maintaining appropriate access to medications for Medicare beneficiaries.

“The fundamental cause of this crisis is the price that is set by drug manufacturers and drug manufacturers alone and, we will continue our work with the Administration, Congress, and other stakeholders to develop additional policies that address the incentives towards ever-higher list and launch prices.”