Across more than 1.4 billion Medicare Part D claims for 184 products, Medicare plans overspent by 13% in 2017 and almost 21% in 2018, compared to Costco member prices.

Costco has a reputation for low prices, on everything from bulk frozen food to 60-inch TVs, and even its phramacy. In many cases, Costco's prescription drug prices are better than Medicare prices — suggesting that policymakers need to take a closer look at the practices that allow for intermediaries to negotiate drug prices on behalf of Medicare but don't necessarily pass those savings on to beneficiaries and taxpayers.

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