President Joe Biden’s administration released the list the first 10 drugs controls who is subject price negotiation between manufacturers and Medicare.
The purpose of these price negotiations is to offer high-priced drugs affordable for seniors in the country.
This follows from the Inflation Reduction Law approved last year and promoted by President Biden, who grants the Authorizes Medicare to negotiate drug prices with manufacturers for the first time.
New prices will be available in 2026
Historic situation because it’s the first time Medicare has been able to negotiate prices with drugmakers in its nearly 60-year history.
Although the first 10 drugs to be negotiated have already been announced, The new prices are valid until 2026.
And while negotiations have already been given the green light, rounds must be conducted between manufacturers and Medicare representatives to agree on affordable pricing.
The 10 Drugs to Negotiate:
- Eliquis Manufactured by Bristol Myers Squibb. Used to prevent blood from clotting and reduce the risk of stroke.
- Jardiance, manufactured by Boehringer Ingelheim. It is used to lower blood sugar and is prescribed for patients with type 2 diabetes.
- Xarelto, manufactured by Johnson & Johnson. Prescribed to prevent blood clots and reduce the risk of stroke.
- Januvia, manufactured by Merck. Used to lower blood sugar in people with type 2 diabetes.
- filling, manufactured by AstraZeneca. Prescribed for people with type 2 diabetes.
- between, manufactured by Novartis. It is used to treat certain types of heart failure.
- Enbrel, manufactured by Amgen. Prescribed for people with rheumatoid arthritis.
- Imbruvica, manufactured by AbbVie. It is used to treat different types of blood cancer.
- Stellar, manufactured by Janssen. It is used to treat Crohn’s disease.
- Fiasp and NovoLog, Insulins manufactured by Novo Nordisk.
These 10 drugs represented a spending of $50.5 billion, that’s 20% of the total cost of prescription drugs under Part D from June 1, 2022 through May 31, 2023, according to reports from the Centers for Medicare and Medicaid Services (CMS).