Bottles of the drug Jardiance, made by Eli Lilly and Company, sit on a counter at a pharmacy in Provo, Utah, January 9, 2020.
George Frey | Reuters
Among a list of 10 drugs subject to price negotiations between manufacturers and Medicare, two blood thinners and a diabetes medication are the most widely used by Medicare beneficiaries.
The Biden administration has revealed the long-awaited list, initiating a process aimed at reducing drug costs for older adults in the United States. The list identifies drugs with the highest spending for Medicare Part D, which covers prescription medications, from June 1, 2022, to May 31, 2023.
According to a fact sheet from the Centers for Medicare and Medicaid Services (CMS), Bristol-Myers Squibb’s blood thinner Eliquis had the highest usage, with 3.7 million Medicare enrollees using it during the specified time period. Eliquis, co-developed by Pfizer, is utilized to prevent blood clotting and reduce the risk of stroke.
The second most used drug was Boehringer Ingelheim’s Jardiance, which is used to lower blood sugar levels in people with Type 2 diabetes. Nearly 1.6 million Medicare enrollees used Jardiance during the same time period, as stated in the fact sheet.
Johnson & Johnson’s blood thinner Xarelto ranked third, with approximately 1.3 million beneficiaries using the medication during that time.
Medicare Part D spent more on these three drugs than on the seven other medications on the list. CMS reported that the plan allocated $16.5 billion on Eliquis, roughly $7 billion on Jardiance, and $6 billion on Xarelto.
These ten medicines accounted for $50.5 billion, or approximately 20% of total Part D prescription drug costs from June 2022 to May 2023, according to CMS.
According to the Kaiser Family Foundation, around 50.5 million patients are currently enrolled in Part D plans, with over 8.2 million using the ten drugs on the list.
Drug manufacturers must sign agreements to participate in the negotiations by October 1. CMS will present an initial price offer to manufacturers in February 2024, followed by a one-month period for acceptance or counteroffers from the companies.
The negotiations will conclude in August 2024, with agreed-upon prices scheduled for publication on September 1, 2024. However, the reduced prices will not take effect until January 2026.
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