Huge news. This morning, after Democrats DEFEATED BIG PHARMA in 2022 by
passing the Inflation Reduction Act, the government announced the first 10
drugs selected for Medicare Price Negotiation.
Finally, Medicare will be allowed to negotiate lower prescription drug
costs for seniors and other beneficiaries. This was BLOCKED by law for
years, due to Big Pharma spending millions on lobbying. But this time, we
won.
Plus, those on Medicare now get insulin for $35/month. Starting in 2025,
those on Medicare will have their out-of-pocket costs capped at $2,000.
(As described below, the ripple effects from these Medicare reforms will
likely lower costs in the entire market and the President has called on
Congress to do more to lower costs for non-Medicare patients.)
These reforms will save millions of families money on medical care -- to
the tune of thousands of dollars for many families.
See the list of 10 drugs below, which treat common diseases like diabetes,
heart disease, arthritis, blood clots, and cancer.
[ [link removed] ]If you take these drugs (or will benefit from $35 insulin or $2,000
out-of-pocket cap), please consider sharing your story so we can show the
public what defeating Big Pharma has accomplished. Click here. (Or, pass
this to someone you know on Medicare.)
[ [link removed] ]The 1st ten drugs selected for Medicare price negotiation.
Here is how the New York Times describes cost savings for the government
and families:
* The drug industry fears that the Medicare negotiation program will
open the door for lower prices in the private market. Until now,
secrecy about how much different customers pay for medications has
helped prop up prices. But when the government’s lower prices are made
public, experts say, pharmacy benefit managers negotiating on behalf
of the privately insured will have greater leverage to demand deep
discounts.
* The negotiation program is projected to save the government an
estimated $98.5 billion over a decade.
* It is also expected to eventually reduce insurance premiums and
out-of-pocket costs for many older Americans. Imbruvica, which treats
blood cancers, currently has a sticker price of $17,000 a month. The
blood thinner Eliquis, which was taken by 3.7 million beneficiaries,
has a yearly cost of about $7,000.
* Some of the most significant direct savings for patients may accrue
starting in 2028, when the first negotiated prices go into effect for
drugs that are administered in clinics rather than taken at home. At
that point, Medicare patients without supplemental insurance are
likely to see their out-of-pocket costs drop for those drugs
[ [link removed] ]If you take these drugs (or will benefit from $35 insulin or $2,000
out-of-pocket cap), please consider sharing your story so we can show the
public what defeating Big Pharma has accomplished. Click here. (Or, pass
this to someone you know on Medicare.)
Progressives fought Big Pharma for years -- in our issue advocacy and by
electing good people to office. Thank you for being part of this progress.
([ [link removed] ]Donate here to win more in 2024.)
-- The Progressive Change team
P.S. Here are some more fact sheets and resources:
[ [link removed] ]CMS fact sheet on the Medicare Drug Price Negotiation Program
[ [link removed] ]HHS Report with State-by-State Numbers on Use and Out-Of-Pocket
Spending on Selected Drugs
[ [link removed] ]CMS fact sheet on the drugs selected for the Medicare Drug Price
Negotiation Program
[ [link removed] ]CMS fact sheet on Reduced Coinsurance for Certain Part B Rebatable
Drugs under the Medicare Prescription Drug Inflation Rebate Program
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