The White House announced it has struck a deal with drugmakers to lower the price of ten of the costliest prescription drugs for people with Medicare. After months of negotiations with Medicare, the drug manufacturers agreed to reduce the list price for the drugs between 38% and 79%.
The new, lower prices are expected to save taxpayers around $6 billion, while older adults could save $1.5 billion in out-of-pocket costs on prescription medication.
The new prices will go into effect for people with Medicare Part D prescription drug coverage in 2026.
Medicare will continue to work to lower the price of additional prescription drugs under the drug price negotiation program, which was created as part of the Inflation Reduction Act. In 2025, Medicare will select an additional 15 drugs under Part D and negotiate lower prices. In 2026, Medicare will select up to 15 more drugs covered under Part B and D and then 20 drugs every year after that.
You can see the list of drugs and the new prices here.
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