Biden Medicare drug negotiations produce historic price cuts 38-79% reductions on 10 drugs

HHS announces that Medicare has completed negotiations with pharmaceutical companies on the first 10 drugs selected under the Inflation Reduction Act's Medicare Drug Price Negotiation Program. The negotiated prices average 38-79% below current US list prices, far exceeding initial projections. The 10 drugs, including Eliquis (blood thinner), Jardiance (diabetes), Xarelto (blood thinner), Januvia (diabetes), Farxiga (diabetes), and Entresto (heart failure), are used by nearly 9 million Medicare beneficiaries who collectively spent $3.4 billion in out-of-pocket costs in 2022. The negotiated prices take effect January 1, 2026 and will save taxpayers $6 billion annually. PhRMA had spent decades blocking Medicare drug negotiation authority.