A push by the Biden administration to lower government spending on prescription medications kicked off Tuesday with the announcement of the 10 drugs taken by millions of older Americans that will be subject to Medicare price negotiations.
A box of Bristol-Myers Squibb Co. Eliquis tablets are arranged for a photograph at a pharmacy in ... [+]
The medications chosen for price negotiations cost senior citizens $3.4 billion in out-of-pocket costs last year, the Biden administration reported, and were chosen for the program because they account for the highest Medicare spending and no alternate drugs are available on the market.
The 10 medications announced Tuesday are the first in a four-year program that will negotiate prices for up to 60 drugs covered under Medicare Part D and Part B.
Last year's Inflation Reduction Act gave Medicare the authority to haggle the price of some prescription drugs—negotiated prices on the first set of medications will go into effect in 2026.
The 10 drugs are: Stroke and blood clot medications Eliquis and Xarelto, diabetes drugs Jardiance, Januvia, Fiasp and NovoLog, chronic kidney disease Farxiga, Entresto for heart failure, autoimmune and arthritis medicine Enbrel, Imbruvica for treating blood cancers and Crohn’s disease drug Stelara.
This is a developing story and will be updated.