Seniors will save $1.5 billion in out-of-pocket costs for the 10 costliest prescription drugs under Medicare as a result of the Biden administration's negotiations with drug companies, according to a Thursday announcement. Beginning in 2026, the costs of 10 popular medications will be reduced by between 38% and 79% from 2023 list prices, though "those figures overstate the actual savings that will be achieved, as drugmakers already negotiate behind-the-scenes discounts with private companies that run Medicare drug plans," per Bloomberg. The government itself will save $6 billion, bringing total savings in the first year to $7.5 billion, per the outlet. The Congressional Budget Office suggests the program will slash $237 billion from the federal deficit over 10 years.
President Biden stressed that all Republicans voted against the 2022 Inflation Reduction Act, which granted Medicare the authority to negotiate drug prices on behalf of its 66 million members, per the Guardian. Vice President Kamala Harris, the Democratic nominee for president, noted she cast the tie-breaking vote in favor of the IRA. "Without her vote, we wouldn't be talking about having negotiated drug prices," said Health and Human Services Secretary Xavier Becerra. Some drug companies don't see this as a win, however, warning the IRA will harm the development of new drugs, restrict access to medicine for patients, and ultimately result in higher costs. Here are the 10 drugs and price changes based on a 30-day supply, courtesy of NBC News:
- Eliquis, a blood thinner from Bristol Myers Squibb and Pfizer, falls from $521 to $231
- Xarelto, a Johnson & Johnson blood thinner, falls from $517 to $197
- Januvia, Merck & Co.'s diabetes drug, will cost $113, down from $527
- Jardiance, Boehringer Ingelheim and Eli Lilly's diabetes drug, moves from $573 to $197
- Enbrel, an Amgen rheumatoid arthritis drug, will cost $2,355, down from $7,106
- Imbruvica, an AbbVie and J&J drug for blood cancers, falls from $14,934 to $9,319
- Farxiga, an AstraZeneca drug for diabetes, heart failure, and chronic kidney disease, falls from $556 to $178
- Entresto, a Novartis heart failure drug, will cost $295, down from $628
- Stelara, a J&J drug for psoriasis and Crohn's disease, falls dramatically from $13,836 to $4,695
- Fiasp and NovoLog, diabetes drugs from Novo Nordisk, will cost $119, down from $495
Medicare plans to target another 15 drugs in 2025 and 2026, per the
Washington Post. (More
Medicare stories.)
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