The Biden administration has revealed that Medicare recipients are set to benefit from substantial savings totaling approximately $1.5 billion on out-of-pocket costs for a range of medications used to treat various conditions. These savings have been made possible through newly negotiated prices with pharmaceutical companies, which are scheduled to go into effect in 2026.
Among the medications included in this initiative are those used to manage diabetes, heart disease, types of arthritis, and other ailments. The negotiated prices represent significant reductions in costs, with savings ranging from 79% for Januvia, a diabetes medication, to 38% for Imbruvica, which is utilized in the treatment of blood cancers.
Key Medications and Negotiated Prices:
- Januvia: Manufacturer: Merck Sharp Dohme, Negotiated price: $113 for a 30-day supply (Reduction: 79%)
- Fiasp, NovoLog: Manufacturer: Novo Nordisk, Negotiated price: $119 for a 30-day supply (Reduction: 76%)
- Farxiga: Manufacturer: AstraZeneca AB, Negotiated price: $178.50 for a 30-day supply (Reduction: 68%)
- Enbrel: Manufacturer: Immunex Corp, Negotiated price: $2,355 for a 30-day supply (Reduction: 67%)
- Jardiance: Manufacturer: Boehringer Ingelheim, Negotiated price: $197 for a 30-day supply (Reduction: 66%)
- Stelara: Manufacturer: Janssen Biotech Inc, Negotiated price: $4,695 for a 30-day supply (Reduction: 66%)
- Xarelto: Manufacturer: Janssen Pharms, Negotiated price: $197 for a 30-day supply (Reduction: 62%)
- Eliquis: Manufacturer: Bristol Myers Squibb, Negotiated price: $231 for a 30-day supply (Reduction: 56%)
- Entresto: Manufacturer: Novartis Pharms Corp, Negotiated price: $295 for a 30-day supply (Reduction: 53%)
- Imbruvica: Manufacturer: Pharmacyclics LLC, Negotiated price: $9,319 for a 30-day supply (Savings: 38%)
These negotiated prices reflect the cost before any discounts or rebates are applied, providing Medicare recipients with the potential for significant savings on essential medications. The Biden administration's efforts aim to alleviate financial burdens on individuals requiring ongoing treatment for chronic conditions, ensuring access to necessary medications at more affordable prices.
