Congress' latest spending package includes a provision to boost Medicare payments for one specific drug: Omidria, which is used in cataract surgery, STAT reports. One Wall Street firm estimated that Omeros, the company that makes Omidria, would have to cut the drug's price by 90% to stay competitive without the enhanced Medicare rate.
Why it matters: The pharmaceutical industry wasn't able to reverse new Medicare donut hole obligations, but Congress wasn't afraid to throw out a small life preserver. The stock price of Omeros soared 36% Thursday on the news.
Six months ago, the Senate had a bipartisan health care deal with a good chance of becoming law. But now that deal appears to be dead — derailed by abortion politics, policy disagreements and months of lawmakers dragging their feet while the health care landscape shifted underneath them.
Why this matters: Premiums are almost certainly going up in October, and insurers will be deciding whether to keep participating in the marketplace.
