Federal government secures agreement to lower Medicare prescription drug prices

(KNSI) – The federal government announced Thursday that it has negotiated an agreement to lower the prices of some of the prescription drugs most commonly used by Medicare beneficiaries.

The Empowering Medicare Seniors to Negotiate Drug Prices Act goes some way to lifting Medicare's ban on drug price negotiation. It was signed into law in 2022 as part of broader legislation. Negotiated prices will 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 the first year alone.

The drugs currently include Eliquis, Enbrel, Entresto, Farxiga, Imbruvica, Januvia, Jardiance, Stelara and Xarelto. The 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 their list of the next 15 drugs that will be subject to negotiations by February 1, 2025.

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