CMW News: Glitch in system causes Medicare to overpay
Case Management Weekly, September 3, 2008
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Medicare would have saved $6.5 million in March if it had a system that could more easily react to changing drug prices, according to a report issued by the U.S. Health and Human Services Department last week.
The report focused on irinotecan, a cancer drug sold by Pfizer as Campostar. A generic version of the drug was released on February 20, but due to a two-month time lag in the system, Medicare continued paying the original price for the medication even after the generic alternative had driven down market prices.
The report states there have been other instances of Medicare overpaying for medications, and the U.S. Health and Human Services Department’s inspector general urges Medicare to devise a formula that more quickly takes into account the current market price of drugs.
Source: Los Angeles Times
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