The Biden administration on Tuesday announced that it will begin negotiations with drugmakers on the prices of 10 high-cost prescription drugs, including Eliquis, Jardiance, and Xarelto.
The Biden administration is taking steps to rein in the rising cost of prescription drugs, including launching negotiations with drugmakers on the prices of 10 high-cost medications.
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The drugs, which are among the most expensive on the market, have been on the market for at least seven years without generic competition. They accounted for $50.5 billion, or about 20%, of total Medicare Part D prescription drug costs from June 1, 2022, to May 31, 2023.
The negotiations are part of a new law that gives Medicare the power to directly negotiate drug prices for the first time. The Biden administration hopes that the negotiations will lead to lower prices for seniors and people with disabilities.
The pharmaceutical industry has been critical of the new law, arguing that it will lead to higher drug prices and less innovation. However, the Biden administration has said that the law is necessary to address the rising cost of prescription drugs.
The negotiations are scheduled to begin in the coming weeks. The Biden administration is hopeful that they will be successful in lowering the prices of these high-cost drugs.
The 10 drugs subject to the initial negotiations are:
Eliquis (Bristol-Myers Squibb) – a blood thinner used to prevent stroke
Jardiance (Boehringer Ingelheim) – a diabetes drug used to lower blood sugar
Xarelto (Johnson & Johnson) – a blood thinner used to prevent stroke
Januvia (Merck) – a diabetes drug used to lower blood sugar
Farxiga (AstraZeneca) – a diabetes drug used to treat Type 2 diabetes
Entresto (Novartis) – a heart failure drug
Enbrel (Amgen) – a rheumatoid arthritis drug
Imbruvica (AbbVie) – a cancer drug
Stelara (Janssen) – a Crohn’s disease drug
Fiasp and NovoLog (Novo Nordisk) – insulins
