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Unexpected drugs make first round of Medicare negotiations on August 29, 2023 at 8:33 pm Business News | The Hill

Published

2 years ago

August 29, 2023

The Centers for Medicare and Medicaid Services (CMS) have officially named the first 10 drugs chosen for price negotiation under the Inflation Reduction Act (IRA), and while most picks were anticipated, a few of the medicines named Tuesday came as something of a surprise.

The IRA was highly specific with which Medicare-covered drugs could be eligible for negotiation, as well as which ones could not.

In order to be up for selection, the drugs had to be approved by the the Food and Drug Administration for at least seven years, while biologics had to have been approved for at least 11 years. The negotiation program was also directed to select from “high expenditure, single source drugs without generic or biosimilar competition.”

Based on these rules, projections going as far back as September 2022 were ultimately able to predict which drugs would be chosen with a fair amount of accuracy. But a few of the choices announced Tuesday were not foreseen by the projections.

Entresto, a heart failure medication made by Novartis that was named by CMS on Tuesday for negotiation, had not shown up in projections, something its manufacturer is well aware of.

“To date, it has not been included in lists that people have been banding around or that the press has been covering,” a spokesperson for Novartis told The Hill.

Up until recently, Medicare claims data had not indicated Novartis as being among the highest cost drugs covered by Part D, but use of Entresto has risen substantially in recent years according to the company’s representative, and this allowed it to anticipate CMS’s ultimate decision.

“Its growth rate has been increasing at about 40 percent a year because heart failure is such a growing disease in the U.S.,” said the Novartis spokesperson. “And so the number of people using Entresto is increasing. In fact, 400,000 Medicare beneficiaries are on this product. So we’re on the list for volume just because it’s a disease which has a lot of people on it.”

Another drug that was announced Tuesday, the autoimmune disease biologic Stelara, met the criteria for selection, though it may soon see conditions that may have disqualified it earlier. While it did not show in initial predictions, Stelara accounts for more than $2.6 billion gross in Medicare Part D spending and has been approved for more than 10 years.

Drugs that face competition from generics or biosimilars are not eligible for negotiation, and while Stelara does currently have that issue, an agreement made earlier this year stands to change that.

As a biologic — meaning it’s derived from living cells — Stelara can’t be duplicated exactly, but similar versions can be made that can substitute for it. In May, Johnson & Johnson, which makes Stelara, reached a settlement with the biotechnology company Amgen to allow it to sell a biosimilar version of its top-selling product beginning in 2025.

Two other products made by Johnson & Johnson — Xarelto and Imbruvica — were also named Tuesday for negotiation. The discounted prices reached through the program are expected to go into effect beginning in 2026.

During a press call Tuesday, a reporter noted the incoming competition for Stelara and asked the White House if the list of selected drugs may be revised in the future.

A senior administration official reaffirmed that Stelara was among the 10 chosen and that its selection abided by the guidelines set by the IRA. They acknowledged, however, that the availability of generic competition could affect the negotiation process in the future.

“The IRA’s price control provisions will constrain medical innovation, limit patient access and choice, and negatively impact overall quality of care,” a spokesperson for Johnson & Johnson said when reached for comment. “The IRA’s policies put an artificial deadline on innovation, threatening intellectual property protections and shortening the time frame to deepen our understanding of patients’ unmet medical needs.”

They did not provide any further comment regarding Stelara’s selection and the future biosimilar competition expected to come.

Administration, Business, Health Care, News, Johnson & Johnson, medicare, Medicare Drug Price Negotiation Program, medicare negotiation The Centers for Medicare and Medicaid Services (CMS) have officially named the first 10 drugs chosen for price negotiation under the Inflation Reduction Act (IRA), and while most picks were anticipated, a few of the medicines named Tuesday came as something of a surprise. The IRA was highly specific with which Medicare-covered drugs could be…

Business

How Trump’s Tariffs Could Hit American Wallets

Published

3 days ago

July 11, 2025

Bolanle Media Staff

As the debate over tariffs heats up ahead of the 2024 election, new analysis reveals that American consumers could face significant financial consequences if former President Donald Trump’s proposed tariffs are enacted and maintained. According to a recent report highlighted by Forbes, the impact could be felt across households, businesses, and the broader U.S. economy.

The Household Cost: Up to $2,400 More Per Year

Research from Yale University’s Budget Lab, cited by Forbes, estimates that the average U.S. household could pay an additional $2,400 in 2025 if the new tariffs take effect and persist. This projection reflects the cumulative impact of all tariffs announced in Trump’s plan.

Price Hikes Across Everyday Goods

The tariffs are expected to drive up consumer prices by 1.8% in the near term. Some of the hardest-hit categories include:

Apparel: Prices could jump 37% in the short term (and 18% long-term).
Footwear: Up 39% short-term (18% long-term).
Metals: Up 43%.
Leather products: Up 39%.
Electrical equipment: Up 26%.
Motor vehicles, electronics, rubber, and plastic products: Up 11–18%.
Groceries: Items like vegetables, fruits, and nuts could rise up to 6%, with additional increases for coffee and orange juice due to specific tariffs on Brazilian imports.

A Historic Tariff Rate and Economic Impact

If fully implemented, the effective tariff rate on U.S. consumers could reach 18%, the highest level since 1934. The broader economic consequences are also notable:

GDP Reduction: The tariffs could reduce U.S. GDP by 0.4% annually, equating to about $110 billion per year.
Revenue vs. Losses: While tariffs are projected to generate $2.2 trillion in revenue over the next decade, this would be offset by $418 billion in negative economic impacts.

How Businesses Are Responding

A KPMG survey cited in the report found that 83% of business leaders expect to raise prices within six months of tariff implementation. More than half say their profit margins are already under pressure, suggesting that consumers will likely bear the brunt of these increased costs.

What This Means for Americans

The findings underscore the potential for substantial financial strain on American families and businesses if Trump’s proposed tariffs are enacted. With consumer prices set to rise and economic growth projected to slow, the debate over tariffs is likely to remain front and center in the months ahead.

For more in-depth economic analysis and updates, stay tuned to Bolanlemedia.com.

Business

U.S. Limits Nigerian Non-Immigrant Visas to Three-Month Validity

Published

4 days ago

July 9, 2025

Bolanle Media Staff

In July 2025, the United States implemented significant changes to its visa policy for Nigerian citizens, restricting most non-immigrant and non-diplomatic visas to a single entry and a maximum validity of three months. This marks a departure from previous policies that allowed for multiple entries and longer stays, and has important implications for travel, business, and diplomatic relations between the two countries.

Key Changes in U.S. Visa Policy for Nigerians

Single-Entry, Three-Month Limit: As of July 8, 2025, most non-immigrant visas issued to Nigerians are now valid for only one entry and up to three months.
No Retroactive Impact: Visas issued prior to this date remain valid under their original terms.
Reciprocity Principle: The U.S. cited alignment with Nigeria’s own visa policies for U.S. citizens as the basis for these changes.
Enhanced Security Screening: Applicants are required to make their social media accounts public for vetting, and are subject to increased scrutiny for any signs of hostility toward U.S. institutions.

Rationale Behind the Policy Shift

Security and Immigration Integrity: The U.S. government stated the changes are intended to safeguard the immigration system and meet global security standards.
Diplomatic Reciprocity: These restrictions mirror the limitations Nigeria imposes on U.S. travelers, emphasizing the principle of fairness in international visa agreements.
Potential for Further Action: The U.S. has indicated that additional travel restrictions could be introduced if Nigeria does not address certain diplomatic and security concerns.

Nigeria’s Updated Visa Policy

Nigeria Visa Policy 2025 (NVP 2025): Introduced in May 2025, this policy features a new e-Visa system for short visits and reorganizes visa categories:
- Short Visit Visas (e-Visa): For business or tourism, valid up to three months, non-renewable, processed digitally within 48 hours.
- Temporary Residence Visas: For employment or study, valid up to two years.
- Permanent Residence Visas: For investors, retirees, and highly skilled individuals.
Visa Exemptions: ECOWAS citizens and certain diplomatic passport holders remain exempt.
Reciprocal Restrictions: Most short-stay and business visas for U.S. citizens are single-entry and short-term, reflecting reciprocal treatment.

Impact on Travelers and Bilateral Relations

Nigerian Travelers: Face increased administrative requirements, higher costs, and reduced travel flexibility to the U.S.
U.S. Travelers to Nigeria: Encounter similar restrictions, with most visas limited to single entry and short duration.
Diplomatic Tensions: Nigerian officials have called for reconsideration of the U.S. policy, warning of negative effects on bilateral ties and people-to-people exchanges.

Conclusion

The U.S. decision to limit Nigerian non-immigrant visas to three months highlights the growing complexity and reciprocity in global visa regimes. Both countries are tightening their policies, citing security and fairness, which underscores the need for travelers and businesses to stay informed and adapt to evolving requirements.

Business

Nicki Minaj Demands $200 Million from Jay-Z in Explosive Twitter Rant

Published

4 days ago

July 9, 2025

Bolanle Media Staff

Nicki Minaj has once again set social media ablaze, this time targeting Jay-Z with a series of pointed tweets that allege he owes her an eye-popping $200 million. The outburst has reignited debates about artist compensation, industry transparency, and the ongoing power struggles within hip-hop’s elite circles.

The $200 Million Claim

In a string of tweets, Minaj directly addressed Jay-Z, writing, “Jay-Z, call me to settle the karmic debt. It’s only collecting more interest. You still in my top five though. Let’s get it.” She went further, warning, “Anyone still calling him Hov will answer to God for the blasphemy.” According to Minaj, the alleged debt stems from Jay-Z’s sale of Tidal, the music streaming platform he launched in 2015 with a group of high-profile artists—including Minaj herself, J. Cole, and Rihanna.

When Jay-Z sold Tidal in 2021, Minaj claims she was only offered $1 million, a figure she says falls dramatically short of what she believes she is owed based on her ownership stake and contributions. She has long voiced dissatisfaction with the payout, but this is the most public—and dramatic—demand to date.

Beyond the Money: Broader Grievances

Minaj’s Twitter storm wasn’t limited to financial complaints. She also:

Promised to start a college fund for her fans if she receives the money she claims is owed.
Accused blogs and online creators of ignoring her side of the story, especially when it involves Jay-Z.
Warned content creators about posting “hate or lies,” saying, “They won’t cover your legal fees… I hope it’s worth losing everything including your account.”

She expressed frustration that mainstream blogs and platforms don’t fully cover her statements, especially when they involve Jay-Z, and suggested that much of the coverage she receives is from less reputable sources.

Satirical Accusations and Industry Critique

Minaj’s tweets took a satirical turn as she jokingly blamed Jay-Z for a laundry list of cultural grievances, including:

The state of hip-hop, football, basketball, and touring
The decline of Instagram and Twitter
Even processed foods and artificial dyes in candy

She repeatedly declared, “The jig is up,” but clarified that her statements were “alleged and for entertainment purposes only.”

Political and Cultural Criticism

Minaj also criticized Jay-Z’s political involvement, questioning why he didn’t campaign more actively for Kamala Harris or respond to President Obama’s comments about Black men. While Jay-Z has a history of supporting Democratic campaigns, Minaj’s critique centered on more recent events and what she perceives as a lack of advocacy for the Black community.

The Super Bowl and Lil Wayne

Adding another layer to her grievances, Minaj voiced disappointment that Lil Wayne was not chosen to perform at the Super Bowl in New Orleans, a decision she attributes to Jay-Z’s influence in the entertainment industry.

Public and Industry Reaction

Despite the seriousness of her financial claim, many observers note that if Minaj truly believed Jay-Z owed her $200 million, legal action—not social media—would likely follow. As of now, there is no public record of a lawsuit or formal complaint.

Some fans and commentators see Minaj’s outburst as part of a larger pattern of airing industry grievances online, while others interpret it as a mix of personal frustration and performance art. Minaj herself emphasized that her tweets were “for entertainment purposes only.”

Conclusion

Nicki Minaj’s explosive Twitter rant against Jay-Z has once again placed the spotlight on issues of artist compensation and industry dynamics. Whether her claims will lead to further action or remain another dramatic chapter in hip-hop’s ongoing soap opera remains to be seen, but for now, the world is watching—and tweeting.