Abstract:The Biden-Harris administration reached an agreement to cut the costs of 10 drugs for Medicare users.
A negotiation between Medicare and drug companies will lower prescription costs for users of the federal health insurance program come 2026.
The Biden-Harris administration announced on Thursday an agreement to lower prices for 10 drugs that are some of the most expensive and common in the Medicare program.
Medicare drug price discounts range from 38% to 79% off list prices, according to the US Department of Health and Human Services.
The federal agency estimates Medicare would have saved $6bn (£4.7bn) if the new prices for the 10 drugs were in effect last year.
Heres what to know about the negotiated drugs:
The negotiated prices will go into effect for those with Medicare prescription drug coverage on 1 Jan. 2026.
Here are the 10 drugs and their negotiated prices for a one-month supply:
Around nine million people with Medicares drug prescription plan use at least one of the 10 drugs negotiated, according to the US Department of Health and Human Services.
Some of the drugs - including Eliquis, Xarelto and Jardiance - saw over one million Medicare enrolees file prescriptions for the medications in 2022.
Medicare users who are enrolled in the plans prescription drug coverage are eligible to receive the lowered prices.
The prices will go into effect in 2026. Drug companies are required to make the negotiated prices available to individuals, pharmacies and mail-order services.
Those with Medicare prescription drug coverage are expected to save $1.5 billion in out-of-pocket costs in 2026, according to the US Department of Health and Human Services.
Medicare is a federal health insurance program for Americans who are 65 years of age or older. Some individuals with disabilities may also qualify for the program.
It provides coverage to more than 65 million Americans, according to the Centers for Medicare & Medicaid Services.
The program has four parts that provide different types of health coverage. They include:
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