Tens of thousands of Wisconsin Medicare beneficiaries will save money on prescriptions thanks to the Inflation Reduction Act
Friday, April 12, 2024
MADISON, Wis. – Tens of thousands of Wisconsinites will be able to save money on prescription drugs thanks to the Inflation Reduction Act’s provision allowing Medicare to negotiate lower drug prices.
The Center For American Progress outlines the potential savings in a new state-specific report which shows savings for the initial 10 prescription drugs selected for negotiation. The 68,000 Wisconsinites on Medicare who use the popular drug Eliquis, for example, could save $123 on a 30-day supply following negotiations. More costly specialty drugs would see even more significant savings, like the cancer treatment Imbruvica, which could be lowered by more than $6,500 per month thanks to price negotiations.
The Centers for Medicare and Medicaid Services will announce finalized prices for the selected drugs later this year and prices will take effect in 2026. In his recent budget, President Biden also proposed accelerating the pace of negotiations and including even more prescription drugs each year.
“The Inflation Reduction Act is already lowering costs for Wisconsinites and tens of thousands of Medicare recipients will soon see even more savings thanks to these price negotiations,” said Opportunity Wisconsin Program Director Meghan Roh. “Congress should protect the progress that the Biden administration has made to lower the cost of prescription drugs and work to expand this program to deliver relief to even more Americans.”
Read the full report here
