(KNSI) — The federal government announced Thursday that it has negotiated a deal to lower the prices of some of the most widely used prescription drugs by Medicare beneficiaries.
The Empowering Medicare Seniors to Negotiate Drug Prices Act helps, in part, to end the ban on Medicare negotiating drug prices. It was signed into law in 2022 as part of broader legislation. The negotiated prices take effect in 2026 and could save Medicare beneficiaries an estimated $1.5 billion in out-of-pocket costs. Medicare itself will save an estimated $6 billion in just the first year.
So far, the drugs include Eliquis, Enbrel, Entresto, Farxiga, Imbruvica, Januvia, Jardiance, Stelara, and Xarelto. Insulin products Fiasp, Fiasp FlexTouch, Fiasp PenFill, Novolog, Novolog Flexpen, and Novolog Penfill are also on the list.
The Centers for Medicare and Medicaid will publish its list of the next 15 drugs that will be subject to negotiation by February 1st, 2025.
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