How Medicare misinformation threatens access

Ending the week with how misinformation on Medicare costs threatens patients’ access to Alzheimer’s treatments, and what USTR and BIO are saying about Mexico’s corn ban. Plus, we have a special look at how BIO used new social sharing technology to drive engagement at the International Convention in June. (687 words, 3 minutes, 26 seconds)

Misinformation on Medicare costs threatens patients’ access to Alzheimer’s treatments

Recent news articles have wrongfully blamed a new Alzheimer’s treatment for a projected increase in Medicare Part B premiums in 2024—but we have the facts.

What’s really happening: As the Centers for Medicare & Medicaid Services (CMS) itself has admitted, multiple factors impact Medicare premiums, including overall program costs, utilization of other Part B items and services, and spending offsets from the aftermath of COVID-19.

The facts about prescription drug costs: Prescription medicine costs are a small and stable share of overall health care spending, accounting for only 14% of total U.S. health care spending. In 2020, total net spending on prescription medicines increased just 0.8%. And over the next five years, net medicine spending is projected to increase 0 to 3% annually. Between 2021 and 2025, annual net price growth for brand medicines is projected to be -3 to 0%.

Previous projections were wrong. CMS has consistently overestimated the impact of Alzheimer’s treatments on Medicare Part B premiums.

Here’s why: In 2021, after Congress directed CMS to pay back Part B premiums, premiums increased by only $3.90 per month. In 2022, CMS admitted spending was lower than projected on Alzheimer’s treatment and other Part B items and services, leading to a decrease in Part B premiums in 2023.

Public opinion matters: The Alliance for Aging Research found nearly 87% of voters favor requiring Medicare to cover the cost of FDA-approved Alzheimer’s treatments.

Looking ahead: Alzheimer’s places a significant burden on more than 6 million Americans who live with the disease, their caregivers, families, and communities. As the University of Chicago found, public coverage of Alzheimer’s drugs could produce long-term savings of between $13.1 billion and $545.6 billion.

More Health News:

CNBC: Moderna says new COVID vaccine was effective against Eris variant in early trial
“Moderna’s new COVID vaccine generated a robust immune response against the now-dominant Eris variant and another rapidly spreading strain of the virus in an early clinical trial, the biotech company said Thursday.”

USTR calls for panel to resolve Mexico’s biotech corn ban

The U.S. Trade Representative (USTR) announced yesterday it will form a dispute resolution panel under the U.S.-Mexico-Canada Agreement (USMCA) to address Mexico’s refusal to accept biotech corn. 

What happens now: A panel of trade experts would make a binding decision in the dispute. If the panel rules in favor of the U.S., Mexico could face punitive tariffs, Reuters reports.

How did we get here? In 2020, Mexico said it would phase out imports of biotech corn. USTR formally opposed the ban in March 2023, with BIO’s support. In June 2023, USTR requested dispute settlement consultations. The panel can be created after 75 days without resolution under the USMCA.

Why it matters: Mexico annually imports more than 17 million tons of U.S. corn—mostly biotech corn. The ban would damage the economies of both countries and threaten Mexico’s food security, Bio.News reported.

BIO’s view: BIO supports USTR’s action, Nancy Travis, BIO’s VP of International Affairs, said yesterday. “We thank USTR for moving forward expeditiously with this important next step toward returning trade with Mexico to the science-based trade conditions to which North American trade partners agreed in the USMCA.”

How BIO used new social sharing technology to drive high engagement at International Convention

President Biden’s Friday: Meeting President Yoon Suk Yeol of the Republic of Korea and Prime Minister Kishida Fumio of Japan for a Camp David trilateral summit. The discussion may turn to restrictions on tax credits for certain foreign goods outlined in the climate provisions of the Inflation Reduction Act, Washington Post reports.

What’s Happening on Capitol Hill: The House and Senate are in recess through Labor Day.