The Biden Administration Lowering Drug Prices for Older Americans
Last week, the Biden Administration announced the ten initial drugs for Medicare drug price negotiations. These drugs are expected to play a major role in reducing drug prices as nine million older Americans used these ten medications in 2022.
The ten drugs included in these initial negotiations are:
1. Eliquis, for preventing strokes and blood clots
2. Jardiance, for Type 2 diabetes and heart failure
3. Xarelto, for preventing strokes and blood clots
4. Januvia, for Type 2 diabetes
5. Farxiga, for chronic kidney disease
6. Entresto, for heart failure
7. Enbrel, for arthritis and other autoimmune conditions
8. Imbruvica, for blood cancers
9. Stelara, for Crohn’s disease
10. Fiasp and NovoLog insulin products, for diabetes
Medicare spends an average of $50 billion annually on these ten medications, and seniors spend an average of $3.4 billion on prescription costs for these drugs each year. We must ensure that all Americans, especially our seniors, have access to the lifesaving medications they need.
Robert P. Casey, Jr. United States Senator Chairman,
Senate Special Committee on Aging