Biden: Medicare negotiated discounts on 10 prescribed drugs
President Joe Biden announced that Medicare negotiated discounts for 10 drugs prescribed to treat blood clots, cancer, heart disease and diabetes.
The Biden administration announced Thursday that some prescription drugs would have lower prices after negotiating discounts.
Ten medications used by millions of Americans like Xarelto, Eliquis and Jardiance will be have 38% to 79% discounts, saving people hundreds or thousands of dollars when it comes to purchasing a 30-day supply. The Centers for Medicare & Medicaid Services (CMS) estimates that 8.8 million of the 54 million Americans with Medicare Part D were using these medications last year.
The discount prices target high-priced, single-source drugs that don’t have generic or competitor versions. This reduction in costs came about from Biden’s Inflation Reduction Act of 2022. The administration says people enrolled in Medicare prescription drug coverage could save an estimated $1.5 billion, and taxpayers are expected to save $6 billion.
Here is what to know about which drugs are reducing prices and how to get discounts.
When do new prescription drug prices take effect?
Prices on the ten prescription drugs will come down starting Jan. 1, 2026. Prices listed may not be what you pay as discounts, coinsurance and copays can affect the final prices.
Over the next two years, another 30 drugs will be selected for negotiated prices beginning in 2027 and 2028.
How to get new discounted drug prices on Medicare?
Members of Medicare Part D will see lower prices in 2026. Part D of Medicare helps people cover the cost of prescription drugs. According to Medicare, there are two ways to get Medicare drug coverage. The only people allowed to enroll in Medicare are people 65 and older or people with a disability.
Medicare drug plans. These plans add drug coverage to Original Medicare, some Medicare Cost Plans, some Private Fee‑for‑Service plans, and Medical Savings Account plans. You must have Medicare Part A (Hospital Insurance) and/or Medicare Part B (Medical Insurance) to join a separate Medicare drug plan.Medicare Advantage Plan (Part C) or other Medicare health plan with drug coverage. You get all of your Part A, Part B, and drug coverage, through these plans. Remember, you must have Part A and Part B to join a Medicare Advantage Plan, and not all of these plans offer drug coverage.How will new prescription drug prices affect Tennessee?
According to health policy research site KFF, over 1.1 million Tennessee residents are enrolled in Medicare Part D. Almost 430,000 residents are enrolled in a stand-alone prescription drug plan, and over 687,000 residents are enrolled in the Medicare Advantage drug plan.
Which prescription drugs will have their prices reduced?
These are the ten prescription drugs that will have their prices reduced and what the new prices will be.
Januvia
Januvia, from Merck Sharp Dohme, helps patients with diabetes lower their blood sugar. It had a list price of $527 in 2023 for a 30-day supply. In 2026, the list price will be $113, a 79% saving.
Fiasp, NovoLog
Fiasp, Fiasp FlexTouch, Fiasp PenFill, NovoLog, NovoLog FlexPen, and NovoLog PenFill from Novo Nordisk Inc. are all insulin or insulin infectors for patients with diabetes. Last year they ran a list price of $495 for 30 days, the new price of $119 is 76% cheaper.
Farxiga
Farxiga from AstraZeneca AB is used to reduce the risks of diabetes, heart failure and chronic kidney disease. The list price in 2023 for a 30-day supply was $556, new list price will be $178.50, down 68%.
Enbrel
The Immunex Corporation’s Enbrel treats rheumatoid arthritis, psoriasis and psoriatic arthritis. In 2023, the list price for a 30-day supply was a staggering $7,106. The price for 2026 has dropped 67%, to $2,355.
Jardiance
Jardiance from Boehringer Ingelheim is used to reduce the risk of heart failure and chronic kidney disease and lower blood sugar. The list price last year was $573, the 2026 list price will drop 66% to $197.
Stelara
Stelara by Janssen Biotech, Inc. is used to treat psoriasis, psoriatic arthritis, Crohn’s disease and ulcerative colitis. The 2026 list price will drop 66% from $13,836 for a 30-day supply to $4,695.
Xarelto
Janssen Pharms’ Xarelto is prescribed to reduce the risk of stroke and blood clots and treat existing blood clots, and reduce the risk for patients with coronary or peripheral artery disease. In 2023, the list price was $517, in 2026 the price will drop 62% to $197.
Eliquis
Eliquis from Bristol Myers Squibb is also used to prevent and treat blood clots. Last year it was prescribed to nearly 4 million Medicare Plan D patients. The list price for a 30-day supply was $521, negotiations brought that down 56% to $231 in 2026.
Entresto
Entresto from Novartis Pharms Corp is used to treat patients with chronic heart failure to reduce the risk of death and hospitalization. Last year the list price for 30 days was $628, in two years it will drop 53% to $295.
Imbruvica
Imbruvica from Pharmacyclics LLC is prescribed to treat blood cancers such as chronic lymphocytic leukemia, Waldenström’s macroglobulinemia and chronic graft versus host disease. The most expensive on the list, the 2023 list price of $14,934 will drop 38% to $9,319 in 2026.
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Publish date : 2024-08-16 05:54:00
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