A recent executive order says that Medicare will pay the lowest price paid among a group of other economically advanced countries. These countries are called "the most favored nations".
What nations are on this list?
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The report published by the Centers for Medicare & Medicaid Services (CMS) on the interim final rule with comment period (IFC) setting out the Most Favored Nation Model states on page 68 that the countries used to calculate the MFN price for the first quarter of year 1 will be Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Iceland, Ireland, Israel, Italy, Japan, Republic of Korea, Luxembourg, Netherlands, New Zealand, Norway, Spain, Sweden, Switzerland, and the United Kingdom.
In general, the nations that will be used to calculate the MFN price are defined as the member countries of the Organisation for Economic Co-operation and Development (OECD) as of October 1st, 2020 with a GDP per capita of at least 60% of that of the US, as determined by CMS quarterly.