The Centers for Medicare and Medicaid Services (CMS) made an exciting announcement on Tuesday, revealing the first 10 drugs that have been selected for Medicare price negotiation under the Inflation Reduction Act (IRA). These drugs were chosen based on their eligibility under the IRA and their status as the highest-cost drugs covered by Medicare Part D, totaling $50.5 billion in gross Part D costs. Negotiations with the manufacturers of these drugs will occur throughout 2023 and 2024, with a deadline for signing agreements set for October 1. In September 2024, CMS will publish the maximum fair prices for these medications, which will then go into effect in 2026.
President Biden will be delivering a speech on Tuesday to commemorate the selection of these drugs. In a statement, President Biden acknowledged the long-standing issue of Americans paying more for prescription drugs compared to other major economies, while pharmaceutical companies generate enormous profits. He expressed his commitment to ending this disparity by ensuring that millions of Americans no longer have to face the difficult choice between affording their necessary medications and meeting their basic needs. President Biden emphasized the significance of this milestone, as it marks the first time ever that Medicare Part D drugs have been selected for price negotiation. These drugs are crucial in treating a range of conditions, including heart failure, blood clots, diabetes, arthritis, Crohn’s disease, and more. President Biden also highlighted the progress made in reducing insulin costs to $35 per month for seniors on Medicare. Despite the lawsuits filed against Medicare drug price negotiation, President Biden affirmed his determination and unwavering support for his administration’s plan, referring to it as a key aspect of “Bidenomics.”
The 10 drugs selected for price negotiation are Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog. This list represents a significant step forward in addressing the issue of high prescription drug costs and improving accessibility for Medicare recipients.
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