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Biden Administration Announces Historic Medicare Drug Price Cuts, Saving $6B for Medicare, $1.5B for Enrollees
Aug 15, 2024, 12:40 PM
The Biden administration has announced the successful negotiation of lower prices for 10 of Medicare's most expensive and widely used prescription drugs, marking the first-ever such negotiation under the Inflation Reduction Act. This initiative is expected to save Medicare $6 billion in 2026 and reduce out-of-pocket costs for enrollees by $1.5 billion. The selected drugs, which include treatments for diabetes, blood clots, and cancer, will see price reductions ranging from 38% to 79%. The negotiations cover drugs such as Eliquis, Jardiance, and Xarelto, which are critical for many seniors. This move is part of a broader effort to lower healthcare costs for Americans, with the administration emphasizing the significant financial relief it will provide to seniors and taxpayers. The total savings from these negotiations are projected to reach $7.5 billion in 2026.
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