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06-20-2009, 6:47 PM I shrugged Joined on 06-21-2009 Posts 1 Are drug companies about to sign a "gift certificate"? Key Senator, White House Strike Deal With Drug Industry for Health Coverage: The deal, expected to be announced later in the day, marked a major triumph for the Obama administration and Sen. Max Baucus, D-Mont., who has been negotiating with numerous industry groups for weeks. AP Saturday, June 20, 2009 The pharmaceutical industry agreed Saturday to spend $80 billion over the next decade improving drug benefits for seniors on Medicare and defraying the cost of President Barack Obama's health care legislation, capping secretive negotiations with the White House and key lawmakers. The deal, expected to be announced later in the day, marked a major triumph for Sen. Max Baucus, D-Mont., as well as the administration. The chairman of the Senate Finance Committee has been negotiating with numerous industry groups for weeks as he tries to draft legislation that meets Obama's goal of vastly expanding health coverage, has bipartisan support and does not add to the deficit. Under the deal, which several officials confirmed, drug companies would pay as much as half of the cost of brand-name drugs for lower and middle-income seniors in the so-called doughnut hole -- a gap in coverage that is a feature of many of the plans providing prescription coverage under Medicare. In addition, the entire cost of the drug would count toward a patient's out-of-pocket costs, meaning their insurance coverage would cover more of their expenses than otherwise. Officials said Medicare patients with incomes up to about $80,000 or $85,000 would realize some benefit.    Report

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