Biden’s 2024 budget: New drug pricing and coverage policies
President Biden’s proposed FY 2024 budget includes healthcare policy priorities focused on drug pricing, coverage reform, infectious diseases, and biomedical research, affecting a wide range of healthcare stakeholders.
The Biden administration’s proposed FY 2024 budget includes several healthcare policy priorities, such as supporting family planning services, establishing a mandatory pre-exposure prophylaxis delivery program, and allocating funding for cancer research. The budget also seeks to permanently grant enhanced premium tax credits and expand Medicaid access and coverage, prioritizing the health and wellbeing of Americans.
With $1.7 trillion in mandatory funding and $144.3 billion in discretionary funding for programs administered by the Department of Health and Human Services, there are many proposals and implications for healthcare stakeholders to consider. This includes 4 key themes that are new this year:
- Expanded IRA Drug Pricing Provisions
- Possible New Opportunities for Coverage for At-Risk Populations
- Prioritization of Health Disparities Related to Infectious Diseases
- Expansion of Investment in Cancer Prevention and Treatment
While the annual budget tends to be aspirational and often requires Congressional support to pass key provisions, it also reflects the priorities that could form the basis of a policy-making agenda in the coming year. While many of the provisions in the FY 2024 proposal reflect similar policies from past budgets, healthcare stakeholders should be prepared to evaluate these key themes.
This proposal would affect a wide range of stakeholders in the industry, from manufacturers eligible for Medicare negotiation to patient groups and providers looking at how increased investment could lead to advanced access to breakthrough therapies.