滞后价格报销合约：联邦医保B部分对药品价格增长的影响
Lagged-price reimbursement contracts: The impact of medicare Part B on pharmaceutical price growth
Journal of Public Economics · 2026 · [{"name": "Angelique Acquatella", "affiliation": ["Toulouse School of Economics"]}, {"name": "Keith Marzilli Ericson", "affiliation": ["Boston University"]}, {"name": "Amanda Starc", "affiliation": ["Kellogg's (Canada)"]}]
中文摘要
我们考察滞后价格成本加成报销合同，重点关注Medicare B部分对医生给药药品的支付。已有研究表明B部分提高了上市价格，而我们估计其对后期价格的影响，发现滞后价格报销会降低后期价格。对Medicare报销暴露程度更高的药品，其价格增长（扣除返利后）更低：在上市价格相同的条件下，B部分暴露程度高于中位数的药品，在3年后的价格比暴露程度低于中位数的药品低10%。这一效应对新获批分子更大，因为新获批分子面临的竞争较少。
Abstract
We examine lagged-price cost-plus reimbursement contracts, focusing on Medicare Part B’s payment for physician-administered drugs. While previous research has shown that Part B increased launch prices, we estimate its effect on later prices and find that lagged-price reimbursement lowers prices in later periods. Drugs more exposed to Medicare reimbursement have lower price growth (net of rebates): a drug with above median Part B exposure has a 10% lower price after 3 years than a below median exposure drug that launched at the same price. The effect is larger for newly approved molecules, which face less competition.