Senator Kaine praises Medicare's first drug price negotiations under the Inflation Reduction Act

WASHINGTON DC (WSET) — Senator Tim Kaine (D-Virginia) released a statement Thursday on Medicare's first drug negotiations after the Biden-Harris administration announced new negotiated prices for 10 drugs for patients covered by Medicare Part D.

The negotiated prices – including discounts of up to 79% – are expected to save American retirees $1.5 billion and the federal budget $6 billion in the first year of implementation. These prices were made possible by the Inflation Mitigation Act, which Kaine voted for.

“I am proud to have cast a decisive vote for the Inflation Reduction Act (IRA), which gave Medicare the authority to negotiate drug prices for the first time,” said Senator Kaine. “I promised Virginians I would fight for negotiated prices when I first ran for the Senate, and this breakthrough will save America's seniors $1.5 billion and the federal budget $6 billion in the first year of implementation. And that's just the beginning – Medicare will negotiate prices on dozens more drugs in the years to come thanks to the IRA. I will continue to do everything in my power to ensure that the many provisions of this bill aimed at lowering health care prices are effectively implemented, and advocate for additional steps to reduce costs and expand access to care.”

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The 10 drugs included in Thursday's announcement are among those with the highest total spending in Medicare Part D.

The new negotiated prices will take effect in 2026. In addition to the 10 drugs included in Medicare's first round of negotiations, dozens more drugs will be subject to Medicare price negotiations in the future.

Below is a fact sheet with the full timeline for implementation of negotiated rates and information on other health-related provisions of the IRA: