Pharmacy
The QMM program aims to encourage drug manufacturers to implement quality management practices that go beyond current requirements.
Negotiations with participating drug companies will occur in 2023 and 2024, and prices will become effective beginning in 2026.
The products will be FDA approved, CVS says, adding the move should help ensure a more consistent supply of affordable biosimilars.
Project NextGen funding includes $1B for clinical trials, $326M for a new monoclonal antibody and $100M for novel vaccines and therapeutics.
On or before September 1, CMS will release the names of the 10 Part D drugs subject to negotiated prices starting in 2026.
The new program would allow for monthly payments over a year.
The nasal-spray vaccine will not require refrigeration and does not need to be administered by a medical professional.
The initiative is designed to lower prescription medication costs by roughly $500 million annually once the model is fully implemented.
Many insulin brands are available to eligible customers starting at $35 a month, the company says.
These improvements are likely driven by the continued opioid crisis and the concurrent growth in demand for affordable SUD treatment.