Wyden hails lower drug prices for seniors through Medicare negotiations

WASHINGTON (KTVZ) – Senate Finance Committee Chairman Ron Wyden (D-Ore.) welcomed the Biden-Harris administration's announcement Thursday to cut prices on 10 of the most expensive prescription drugs in Medicare, which have been the subject of negotiations between the federal government and the pharmaceutical companies that make them.

“Today, Medicare is using the bargaining power of tens of millions of American seniors to force the pharmaceutical industry to lower drug prices,” Wyden said. “While Trump and his Republican allies in Congress want to keep the pharmaceutical industry in power so seniors can pay higher prices, Democrats have pushed for lower costs, more consumer protections and accountability for drug companies that raise prices with impunity.”

“These new, lower Medicare prescription drug prices mean savings for seniors at the pharmacy counter and represent the first step in a fundamental change in the relationship between the pharmaceutical industry, taxpayers and seniors who need affordable prescription drugs.”

Last year, Medicare selected 10 of the most expensive drugs for negotiations. These drugs were: Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog. Next, 15 drugs will be selected for negotiations.

In addition to the Medicare negotiations Inflation Reduction Act (IRA) has taken several steps to reduce the cost of prescription drugs for seniors and taxpayers, including:

• Starting in January 2025, Medicare Part D will have a $2,000 cap on prescription drugs.
• A $35 monthly cap on insulin copayments under Medicare.
• A penalty for price gouging that saves pensioners and taxpayers money when pharmaceutical companies raise their prices faster than the rate of inflation.
• Free vaccinations for seniors with Medicare insurance.

For more information on the new lower prices following the Medicare negotiations, click here.