Current:Home > FinanceAll 10 drugs targeted for Medicare price negotiations will participate, the White House says-LoTradeCoin
All 10 drugs targeted for Medicare price negotiations will participate, the White House says
View Date:2024-12-23 23:47:11
WASHINGTON (AP) — The Biden administration said Tuesday that the manufacturers of all of the first 10 prescription drugs it selected for Medicare’s first price negotiations have agreed to participate, clearing the way for talks that could lower their costs in coming years and giving the White House a potential political win heading into next year’s presidential election.
The drugs include the blood thinner Eliquis, which the White House said was used by more than 3.7 million Medicare enrollees from June of last year through this past May and had an average out-of-pocket cost of $608 per enrollee for 2022. Also included is diabetes treatment Jardiance, which was used by nearly 1.6 million Medicare enrollees and had a 2022 out-of-pocket cost per enrollee of $490.
In all last year, 9 million seniors and other Medicare beneficiaries paid more than $3.4 billion on these 10 drugs alone, the White House said.
How much prices could fall is not yet known. Prices negotiated for the first set of drugs participating won’t go into effect until 2026.
Still, promises to lower prescription drug costs are a key part of Biden’s reelection pitch to voters — even as the Democratic president has so far struggled to convince the public that his administration’s policies have lowered health care expenses and cut other everyday costs. In announcing that price negotiations will go forward, the White House noted that the program was created under the Inflation Reduction Act, which Congress passed last year without any Republican support, and that Big Pharma has continued to work to stop Medicare from haggling with pharmaceutical companies.
The Centers for Medicare and Medicaid Services announced in August the first 10 drugs selected for the negotiation process and said manufacturers had until Monday to agree to participate and submit manufacturer-specific data.
Even with Tuesday’s announcement, the process could still be complicated by lawsuits from drugmakers and sharp criticism from Republicans. The White House noted that the drug manufacturers’ agreeing to participate followed a decision by a federal court in Ohio allowing Medicare price negotiation plans to move forward.
veryGood! (4)
Related
- A growing and aging population is forcing Texas counties to seek state EMS funding
- Brothers indicted on 130 charges after NYPD recovers cache of weapons, 'hit list'
- Taylor Swift and Travis Kelce’s “I Love You” Exchange on the Field Is Straight Out of Your Wildest Dreams
- Four Mexican tourists died after a boat capsized in the sea between Cancun and Isla Mujeres
- How many dog breeds are there? A guide to groups recognized in the US
- Essentials to Keep You Warm When You’re Freezing Your Butt off Outside
- Could helping the homeless get you criminal charges? More churches getting in trouble
- DoorDash's Super Bowl ad is a sweepstakes giving away everything advertised during the game — from a BMW to mayo
- Prominent conservative lawyer Ted Olson, who argued Bush recount and same-sex marriage cases, dies
- Is it illegal to record a conversation at work? Ask HR
Ranking
- Olivia Munn began randomly drug testing John Mulaney during her first pregnancy
- Lionel Richie Knows What Pregnant Sofia Richie Won't Be Naming Her Baby Girl
- Utah joins 10 other states in regulating bathroom access for transgender people
- From 'Lisa Frankenstein' to 'Terrifier 3,' these are the horror movies to see in 2024
- Nelly will not face charges after St. Louis casino arrest for drug possession
- Best Super Bowl LVIII player prop bets for Chiefs-49ers you can place right now
- ACLU warns Supreme Court that lower court abortion pill decisions relied on patently unreliable witnesses
- DoorDash's Super Bowl ad is a sweepstakes giving away everything advertised during the game — from a BMW to mayo
Recommendation
-
John Robinson, former USC Trojans and Los Angeles Rams coach, dies at 89
-
Argentinian court overturns Milei’s labor rules, in a blow to his reform plans
-
Wichita woman suspected in death of 14-year-old son is wounded by police after hours long standoff
-
North Carolina man trying to charge car battery indoors sparked house fire, authorities say
-
Early Week 11 fantasy football rankings: 30 risers and fallers
-
Hey lil' goat, can you tell the difference between a happy voice and an angry voice?
-
How to strike back after deadly drone attack? US has many options, but must weigh consequence
-
Civil rights group says North Carolina public schools harming LGBTQ+ students, violating federal law