See also
The Inflation Reduction Act of 2022 enabled Medicare to negotiate prices for prescription drugs for the first time in the program’s history. In August 2023, the Centers for Medicare and Medicaid Services announced the first 10 Medicare Part D drugs selected for negotiation. Negotiated prices will be announced by September 1, 2024, and those prices will take effect in January 2026.
In a previous analysis, the Center for American Progress estimated net Medicare price reductions for 30-day supplies of each of the 10 drugs currently undergoing negotiation, finding that 30-day net price reductions for negotiation-eligible drugs could range from a low of $30 for insulin product NovoLog FlexPen to a high of $6,548 for cancer drug Imbruvica. These first 10 drugs are used by roughly 9 million Medicare Part D beneficiaries across the United States. Subsequently, even small per-person reductions in monthly prices could amount to millions of dollars in annual Medicare savings.
The interactive table below shows estimated net price reductions for 30-day supplies of each of the 10 drugs undergoing negotiation. Use the drop-down menu to select your state and see how many Medicare Part D beneficiaries stand to benefit from Medicare drug price negotiation.