Announced in August 2023 was plans for Medicare to initiate price negotiations for ten of the most expensive and necessary drugs prescribed to Medicare Beneficiaries. See our article here: https://rpecwa.org/hhs-selects-the-first-drugs-for-medicare-drug-price-negotiation/
New prices have been finalized for the first ten drugs to undergo negotiations by Medicare. On average, the new prices are 60% lower, saving Medicare beneficiaries a total of $1.5 billion in out-of-pocket costs and taxpayers $6 billion, just in the first year alone when the changes take effect in January 2026.
It is important to note that retirees who obtain their insurance through the Public Employees Benefits Board and subscribe to the Uniform Medical Plan Classic Medicare (UMP), will now be able to take advantage of these prices in 2025 as the UMP Classic Medicare plan now includes Part D prescription drug coverage.
The following prices are for a 30 day-supply:
- Eliquis, a blood thinner from Bristol Myers Squibb & Pfizer: $231, down from $521;
- Xarelto, a blood thinner from J&J: $197, down from $517;
- Januvia, a diabetes drug from Merck: $113, down from $527;
- Jardiance, a diabetes drug from Boehringer Ingelheim & Eli Lilly: $197, down from $573;
- Enbrel, a rheumatoid arthritis drug from Amgen: $2,355, down from $7,106;
- Imbruvica, a drug for blood cancers from AbbVie and Johnson & Johnson: $9,319, down from $14,934;
- Farxiga, a drug for diabetes, heart failure and chronic kidney disease from AstraZeneca: $178, down from $556;
- Entresto, a heart failure drug from Novartis: $295, down from $628;
- Stelara, a drug for psoriasis and Crohn’s disease from J&J: $4,695, down from $13,836;
- Fiasp and NovoLog, diabetes drugs from Novo Nordisk: $119, down from $495.
Over the next decade, Medicare will continue price negotiations for other drugs saving Medicare an estimated total of $100 billion over a 10-year period.
See more details here: https://www.cms.gov/newsroom/press-releases/negotiating-lower-drug-prices-works-saves-billions