STATEMENT: Initial Medicare Drug Price Negotiation List Could Put Cash Back in Seniors’ Pockets, CAP’s Emily Gee Says

Washington, D.C. — Today, the Centers for Medicare and Medicaid Services (CMS) announced the first 10 prescription drugs for which it will negotiate lower Medicare prices directly with drug manufacturers. In response, Emily Gee, senior vice president for Inclusive Growth at the Center for American Progress, shared the following statement: 

Today’s announcement is a watershed moment to make lifesaving medications more affordable for millions of Americans on Medicare. Millions of seniors rely on these drugs to treat cancer, blood clots, and manage chronic conditions, including diabetes and heart failure.

The Biden administration is growing the middle class by giving more Americans economic security, including better protections against high health care costs. Through negotiation, the Biden administration is taking on the greed of pharmaceutical companies, which have raked in record profits by charging Americans exorbitant prices no other country in the world would accept. It’s why Big Pharma fought so hard to stop these reforms from passing in the Inflation Reduction Act and why they and their allies are suing to stop these new reforms to lower drug costs.

Related resources: 

• “Medicare Drug Price Negotiation Could Benefit Millions of Seniors” by Nicole Rapfogel

• “Medicare Drug Price Negotiation Will Help Millions of Seniors and Improve Health Equity” by Gillian Tisdale and Nicole Rapfogel 

For more information or to speak with an expert, please contact Sarah Nadeau at [email protected].