Medicare Drug Prices Negotiations: Unveiling Of A Breakthrough
The United States Department of Health and Human Services (HHS), in collaboration with the Centers for Medicare and Medicaid Services (CMS), has just announced the list of the first 10 drugs under Medicare Part D set to undergo negotiation.
Below are the names of the 10 prescription drugs that are currently planned for negotiation. Arbitrations are set to unfold over 2023 and 2024, taking effect from 2026 onward. A resounding $3.4 billion was the out-of-pocket expenditure for these drugs by Medicare beneficiaries in 2022. In view of this, Medicare paid $50.5 billion of the total Part D gross covered prescription drug costs between June 1, 2022, and May 31, 2023.
Eliquis
Jardiance
Xarelto
Januvia
Farxiga
Entresto
Enbrel
Imbruvica
Stelara
Fiasp; Fiasp FlexTouch; Fiasp PenFill; NovoLog; NovoLog FlexPen; NovoLog PenFill
Quoting HHS Secretary Xavier Becerra’s, “Hold onto your hats, because the Inflation Reduction Act is reshaping the landscape of prescription drug costs! We’re zooming toward President Biden’s vision of accessible and affordable meds for all Americans. And guess what? Even though some pharmaceutical giants are trying to put up roadblocks, we’re not letting anything dampen our spirits. Undoubtedly, Biden-Harris Administration is unwavering in its commitment to bringing you cutting-edge life-saving treatments at prices that’ll make you smile.”.
CMS is gearing up to select up to 15 more drugs covered by Part D for a negotiation in 2027. That’s not all! – 2028 is going to be even bigger, with up to 15 more drugs on the negotiation table (including ones from Part B and Part D).
For more details, you may check out👉this link to view a fact sheet from the Office of the Assistant Secretary for Planning and Evaluation (ASPE). Moreover, you can view a CMS fact sheet on the drugs selected for the Medicare Drug Price Negotiation Program 👉here. Additionally, you can revisit our blog about the effects of the Inflation Reduction Act on Medicare.
In conclusion, the selection of the first 10 drugs for Medicare drug price negotiation represents a pivotal step forward in addressing the issue of soaring prescription drug costs in the United States. Furthermore, it is evident that the Biden-Harris Administration is resolutely dedicated to improving the affordability of healthcare, not only for current beneficiaries but also for future ones.
Feel free to contact us at Solid Health Insurance Services with any questions you may have concerning your individual health insurance plan or group health insurance plan, or call 📞310-331-0804 for any Medicare Supplemental or Part C or Part D plan. Our mission is to find you health insurance that fits your budget and medical needs.
