ICYMI: Murray Statement on results of first ever Medicare drug price negotiations, which will bring down prices by over 50% for nine of the ten drugs negotiated in 2026
New prices are expected to save millions of seniors and other Medicare beneficiaries $1.5 billion in out-of-pocket costs in the first year alone
BY THE NUMBERS: THE INFLATION REDUCTION ACT IS LOWERING DRUG PRICES FOR PEOPLE IN WASHINGTON STATE
Murray: “High drug prices are an issue that has been bad, and getting worse, for decades now—but with the new steps Democrats passed we are finally turning things around.”
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Seattle, WA – Today, U.S. Senator Patty Murray (D-WA), senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, met with patients and experts to discuss the major prescription drug cost savings coming into effect soon or already underway thanks to the Ley de Reducción de la Inflación.
The roundtable discussion comes shortly after the Biden administration announced the results of the first ever Medicare drug price negotiations. Senator Murray championed Medicare drug price negotiation for years, and worked hard with her Democratic colleagues to provide new authority for Medicare to negotiate lower drug prices for patients in the Inflation Reduction Act—which every single Republican voted against, and which leading conservative groups and lawmakers want to revocar.
“I’ve heard countless heartbreaking stories and concerns from Washington state advocates about how skyrocketing drug costs have made it hard for families to get by. High drug prices are an issue that has been bad, and getting worse, for decades now—but with the new steps Democrats passed we are finally turning things around,” dijo el senador Murray. “Last month, the first batch of new prices Medicare negotiated—which will take effect in 2026—were announced, and the savings coming to patients are big. Millions of patients will save hundreds—even thousands—of dollars a month. But there is more work to do, especially when Republicans are promising right now to repeal the Inflation Reduction Act and reverse the important progress we are making.”
Senator Murray was joined by: Priya Helweg, Acting Regional Director of the U.S. Department of Health and Human Services for Region 10; Jeff Cohen, Chief Executive Officer of Kline Galland, a senior living center in Seattle: Tina Ghosn, Coordinator for Type1United an organization supporting people with Type I diabetes; and Judith Friedman, a senior and patient advocate at Mary Schwartz Summit, a senior living center.
Last year, the Centers for Medicare and Medicaid Services (CMS) announced the first ten drugs selected for Medicare Price Negotiation: Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog. Nine million U.S. seniors took these drugs in 2022, accounting for $3.4 billion in out-of-pocket costs for Medicare beneficiaries. Through negotiations, Medicare reached new agreements with the manufacturers of all ten drugs—and for nine out of ten, the new price represents a cut of 50 percent or more. When the new, lower prices go into effect in 2026, people on Medicare will save $1.5 billion in out-of-pocket costs for their prescription drugs and Medicare will save $6 billion in the first year alone.
More drugs will be selected each year as part of Medicare’s drug price negotiation program. Medicare will select up to 15 additional drugs covered under Part D for negotiation in 2025, up to an additional 15 Part B and D drugs in 2026, and up to 20 drugs every year after that.
Project 2025, el conservative policy roadmap prepared for a future Trump Administration by many of his former top officials, calls for repealing the Inflation Reduction Act, as does a plan released by the Republican Study Committee. This would also mean repealing the authority for Medicare drug price negotiation.
To see a full list comparison of old prices versus new negotiated prices—see the fact sheet from CMS AQUÍ.
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