FOR IMMEDIATE RELEASE
THURSDAY, AUGUST 15, 2024
CONTACT: press@opportunitywisconsin.org
Medicare announces significant price reductions following first negotiations with drug companies
Thanks to the Inflation Reduction Act, Wisconsin seniors will save money on 10 commonly prescribed medications
MADISON, Wis. – Earlier today the Biden-Harris administration announced the results of Medicare’s price negotiations with drug companies, which was made possible thanks to the Inflation Reduction Act. The announcement details significant savings for many commonly prescribed medications, with $1.5 billion in expected out-of-pocket savings in the first year of the program alone. Of the 10 drugs subject to negotiation, the price of 9 of them will be discounted by more than 50% for patients. You can see a full breakdown of discounts secured for each medication here.
“Thanks to the Biden-Harris administration and Democrats in Congress, Wisconsin seniors will see significant savings on the prescriptions they need,” said Opportunity Wisconsin Program Director Meghan Roh. “After years of skyrocketing prescription drug costs, the Inflation Reduction Act is helping lower costs and holding big drug companies accountable. It’s more important than ever that Congress protects the progress we’ve made instead of attempting to repeal the Inflation Reduction Act.”
According to the Department of Health and Human Services, tens of thousands of Medicare Part D recipients in Wisconsin will benefit from lower prescription drug prices thanks to this successful negotiation. For example, more than 67,000 enrollees in Wisconsin are currently prescribed Eliquis, a common blood thinner used to treat heart conditions. Currently, these individuals pay an average of $534 out-of-pocket, but the newly negotiated price for the same 30-day supply of the drug is $231.
Along with giving Medicare the ability to negotiate for lower prescription drug prices, the Inflation Reduction Act has taken additional steps to lower costs for seniors, including capping insulin costs at $35 per month, implementing new protections against price gouging, and capping out-of-pocket prescription costs.
Wisconsin Congressman Bryan Steil voted against the Inflation Reduction Act and both Steil and Congressman Derrick Van Orden have taken multiple votes to repeal many of the law’s provisions that are already benefiting Wisconsinites. Steil also belongs to the Republican Study Committee, which released a proposed federal budget to fully repeal the Inflation Reduction Act’s prescription drug provisions.
The initial ten drugs included in price negotiations are Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog/Fiasp. Lower prices will go into effect on January 1st, 2026 and the administration will announce the list of prescription drugs to be included in the next round of negotiations early next year.
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