Morgan Lewis on Life Sciences
February 2004

In this Issue:

• Medicare Prescription Drug, Improvement, and Modernization Act of 2003:
  Congress gave final approval on November 25, 2003 to a bill that represents the broadest changes in the Medicare Program since its creation in 1965. The bill, the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, also addresses reimbursement issues ranging from injectable drugs to ambulatory surgery and ultrasound, while bringing about fundamental changes in the program’s relationships with payors.
• Medicare Act Provides New Competitive Landscape for the Pharmaceutical and Biotechnology Industries:
  The principal provisions of the new Medicare Act affecting the pharmaceutical and biotechnology industries are generally positive. In addition to providing what the Administration now estimates to be over $530 billion for prescription drugs over the first decade of the Act’s operation, the new Act expressly excludes the Centers for Medicare and Medicaid Services (CMS) from directly negotiating with pharmaceutical manufacturers for price discounts and provides for essentially no change from prior law regarding the reimportation of drugs.
• Quick Hits
• Speeches & Articles

For the full story, please view the PDF.