Medicare’s First Drug Price Negotiations Target 10 Expensive Medications

medicares-first-drug-price-negotiations-target-10-expensive-medications

As part of its obligation under the Inflation Reduction Act to reduce prescription costs for senior citizens in America, Medicare, the health insurance program for those over 65, has announced that it will begin negotiating pricing on 10 pharmaceuticals. 

According to a statement by the U.S., the first medications up for price negotiations include the heart medication Entresto, the insulin like the NovoLog FlexPen, the diabetes medication Jardiance, and the diabetes medication Jardiance. Health and Human Services Department. 

The discussions mark the first time Medicare’s 65 million participants have been empowered to bargain over prescription costs. They do so at a time when 1 in 5 seniors claim they skip doses of their prescriptions because of the cost. 

The primary cause of seniors skipping or rationing their prescriptions is inability to pay for them. Nancy LeaMond, executive vice president of AARP, stated in a statement that this must end. Finally providing access and relief to American families, especially older people, will come from allowing Medicare to negotiate costs for these first 10 medications.

The 10 Medicare-Negotiated Drugs

Insulin, blood thinners, and other medications will be the focus of Medicare’s initial drug price discussions. Drugs include:

Eliquis

Jardiance

Xarelto

Januvia

Farxiga

Entresto

Enbrel

Imbruvica

Stelara

Fiasp

 

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Why Were These Medications Chosen?

medicares-first-drug-price-negotiations-target-10-expensive-medications
As part of its obligation under the Inflation Reduction Act to reduce prescription costs for senior citizens in America, Medicare, the health insurance program for those over 65, has announced that it will begin negotiating pricing on 10 pharmaceuticals.

The Biden administration said that it concentrated on Part D-covered drugs, which are among the most expensive for the health insurance program. Part D is Medicare’s primary coverage plan for prescription medications. 

Officials stated in a conference call on Tuesday that it excluded several types of prescriptions, such as some orphan treatments, which are intended for patients with uncommon disorders, and also chose drugs without competition that have been on the market for at least 7 years. 

Although the Inflation Reduction Act already sets Medicare patient out-of-pocket payments for insulin at $35 per month, the list also includes three variations of Novo Nordisk’s Fiasp, a fast-acting insulin given around meals.

President Joe Biden said in a statement issued Tuesday that the negotiations, along with other price strategies permitted by the Inflation Reduction Act, could result in a $160 billion reduction in taxpayer spending on medications for Medicare.

By September 1, 2024, the negotiated pricing would be made public. 

However, the agreed-upon rates for these medications wouldn’t go effective until January 1, 2026.

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Source: CBS News

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