President Biden Announces Medicare Price Cuts On 10 Drugs

President Joe Biden announced that under the Biden-Harris Administration, Medicare has successfully negotiated new prices for the first ten drugs selected for price negotiation, resulting in substantial price cuts ranging from 40% to 80%. President Biden announced these changes, emphasizing the commitment to continue reducing drug costs for Americans.

Here are the details of the newly negotiated prices:

1.  Eliquis (For Blood Clots)
•   List Price: $521
•   Negotiated Price: $231
2.  Jardiance (For Diabetes, Heart Failure, Chronic Kidney Disease)
•   List Price: $573
•   Negotiated Price: $197
3.  Xarelto (For Blood Clots and Coronary Artery Disease)
•   List Price: $517
•   Negotiated Price: $197
4.  Januvia (For Diabetes)
•   List Price: $527
•   Negotiated Price: $113
5.  Farxiga (For Diabetes, Heart Failure, Kidney Disease)
•   List Price: $556
•   Negotiated Price: $178.50
6.  Entresto (For Heart Failure)
•   List Price: $628
•   Negotiated Price: $295
7.  Enbrel (For Arthritis, Psoriasis, Psoriatic Arthritis)
•   List Price: $7,106
•   Negotiated Price: $2,355
8.  Imbruvica (For Blood Cancers)
•   List Price: $14,934
•   Negotiated Price: $9,319
9.  Stelara (For Psoriasis, Psoriatic Arthritis, Crohn’s Disease, Ulcerative Colitis)
•   List Price: $13,836
•   Negotiated Price: $4,695
10. Fiasp (Including Fiasp FlexTouch, Fiasp PenFill, Novolog, Novolog FlexPen, Novolog PenFill; For Diabetes)
•   List Price: $495
•   Negotiated Price: $119

These negotiations aim to make critical medications more affordable, impacting millions of Americans who rely on these drugs for treatment. President Biden noted that this is just the beginning, indicating plans for further negotiations to lower drug costs.

Medicare has reached agreements with manufacturers of all 10 drugs selected for drug price negotiation.

That means the prices of these ten drugs will be cut 40% to 80%.

And folks, this is only the first ten.

We're not stopping here. pic.twitter.com/nFi8FcFE3Z

— President Biden (@POTUS) August 15, 2024

This move reflects the administration’s broader efforts to tackle high drug prices, which have long been a burden on American families. With these reductions, patients can expect significant savings on their prescriptions, easing financial stress and improving access to essential medications.