Washington, D.C. — 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. A new column from the Center for American Progress estimates how many Medicare Part D beneficiaries might benefit from drug price negotiation in Georgia.
Negotiated prices for the first 10 drugs undergoing negotiation will be announced by September 1, 2024, and those prices will take effect in January 2026. CAP analysis estimates the net price reductions for 30-day supplies of each of these drugs, finding that residents of Georgia stand to benefit from the following net price savings to Medicare:
- 107,000 of Georgia residents use Eliquis, which treats and prevents blood clots. Net Medicare price savings are expected to be $123 a month.
- 36,000 of Georgia residents use Jardiance, which treats Type 2 diabetes and complications. Net Medicare price savings are expected to be $152 a month.
- 17,000 of Georgia residents use Entresto, a medication that treats heart failure. Net Medicare price savings are expected to be $287 a month.
- 1,000 of Georgia residents use Imbruvica, a cancer treatment medication. Net Medicare price savings are expected to be $6,548 a month.
- 27,000 use NovoLog and Fiasp insulin products. Net Medicare price savings are expected to be $30 a month.
Read the column: “Monthly Medicare Drug Price Negotiation Savings by State” by Nicole Rapfogel
For more information or to speak with an expert, please contact Sarah Nadeau [email protected].