Washington, D.C. — The Inflation Reduction Act made historic changes to lower drug costs and enable Medicare to negotiate prices for a select number of drugs. A new Center for American Progress analysis determines 22 Medicare Part D drugs that could be eligible in the first round of negotiation. These drugs may be among the 10 drugs negotiated by the U.S. Department of Health and Human Services, with lower prices to take effect in 2026.
Although the final 10 drugs eligible for negotiation will not be known until this fall, CAP’s analysis examines how negotiating drugs used to treat chronic conditions can help ease exorbitant costs seniors have been saddled with. For example, in 2021, 3.1 million beneficiaries relied on Eliquis to treat and prevent blood clots with an annual cost of $4,024 per beneficiary. Ibrance—a drug used to treat breast cancer—cost more than $100,000 per beneficiary in 2021. The initial round of Medicare negotiations to lower the costs of 10 drugs is the first step to making treatment for chronic illnesses more accessible to millions of seniors.
“While we don’t know exactly which drugs will be included in the initial 10 negotiated for lower prices under Medicare Part D, one thing is abundantly clear: Any combination of eligible drugs will help cut costs for millions of seniors, improving access to and affordability of medications that treat chronic conditions. The Inflation Reduction Act’s historic changes to lower drug costs are long overdue and will help more people get the care they need,” said Nicole Rapfogel, policy analyst for Health Policy and author of the article.
Read the article: “Medicare Drug Price Negotiation Could Benefit Millions of Seniors” by Nicole Rapfogel
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