U.S. Rep. Elissa Slotkin said in a release today that the announcement of the 10 drugs that will be subject to Medicare price negotiation through the Inflation Reduction Act is an “important step toward lowering the cost of prescription drugs for seniors.”
“The ten drugs announced today are some of the most popular in the country – which means negotiating lower prices will impact millions of seniors who have been price-gouged for years,” Slotkin said. “This negotiation is similar to what military insurance has been able to do the whole time – and Medicare is ten times its size. Medicare negotiation is a hard-fought victory that we’ve been working towards for years. I’ll keep watching as the negotiation process unfolds, and look forward to seeing the difference at the pharmacy counter when it’s done.”
According to today’s announcement, the following ten drugs will be subject to Medicare price negotiation:
1. Eliquis, for preventing strokes and blood clots, from Bristol Myers Squibb and Pfizer
2. Jardiance, for Type 2 diabetes and heart failure, from Boehringer Ingelheim and Eli Lilly
3. Xarelto, for preventing strokes and blood clots, from Johnson & Johnson
4. Januvia, for Type 2 diabetes, from Merck
5. Farxiga, for chronic kidney disease, from AstraZeneca
6. Entresto, for heart failure, from Novartis
7. Enbrel, for arthritis and other autoimmune conditions, from Amgen
8. Imbruvica, for blood cancers, from AbbVie and Johnson & Johnson
9. Stelara, for Crohn’s disease, from Johnson & Johnson
10. Fiasp and NovoLog insulin products, for diabetes, from Novo Nordisk
Price negotiations will be conducted through 2023 and 2024, with negotiated prices going into effect in 2026. In addition to enabling Medicare price negotiation, the Inflation Reduction Act’s drug pricing provisions will also:
- Cap the monthly cost of insulin for those on Medicare at $35;
- Cap the yearly out-of-pocket cost for prescriptions for those on Medicare at $2,000;
- Keep healthcare premiums low by extending subsidies for Michiganders who purchase healthcare on ACA exchanges;
- Require drug manufacturers to pay a rebate to Medicare if they increase their prices faster than the rate of inflation.
Slotkin’s work on lowering prescription drug prices
Slotkin has long been a strong advocate for lowering the cost of prescription drugs and healthcare.
Earlier this month, she joined House Democrats to introduce the Lowering Drug Costs for American Families Act, which would expand the IRA’s Medicare price negotiation program and other consumer price protections to lower costs for Michigan families on private insurance.
That legislation came after Slotkin hosted U.S. Health and Human Services Secretary Xavier Becerra in Michigan’s 7th District for multiple events focused on pharmaceutical shortages, maternal health disparities, and efforts to lower prescription drug prices.
Also last month, Slotkin unveiled The Increasing Prescription Drug Competition Act, which would prevent pharmaceutical companies from abusing the current patent process to maximize profits. She also previously sponsored legislation to expand the supply of critical drugs during shortages and urge the Federal Drug Administration (FDA) to do everything in its power to mitigate the dire shortage of cancer drugs that has reached crisis levels in recent months.
Slotkin’s Real Time Benefits Act went into effect earlier this year and enables people to compare drug prices at the pharmacy counter so they can be sure they’re getting the best deal.
