Press Releases

Today, Congresswoman Suzan DelBene (WA-01) celebrated the historic announcement from the Biden-Harris Administration around Medicare’s first-ever drug price negotiations made possible by the Inflation Reduction Act. These negotiations will lower prices on 10 of the most expensive and frequently used drugs in the Medicare program.

These negotiated prices will save Medicare beneficiaries an estimated $1.5 billion in out-of-pocket costs and taxpayers will save $6 billion in Medicare spending in the first year alone. The reduced prices will take effect on January 1, 2026.

Nearly nine million Medicare beneficiaries currently use at least one of the 10 drugs selected for negotiation. This includes more than 144,000 Medicare enrollees in Washington who take one or more of the drugs covered by the price agreements, including 84,000+ who take the cardiovascular drugs Eliquis or Xarelto to prevent blood clots, the 40,000+ who take Jardiance, Januvia, or Farxiga for Type 2 Diabetes, and the nearly 6,000 who take Entresto to treat heart failure or other cardiovascular conditions.

“The Inflation Reduction Act empowers Medicare to negotiate drug prices for the first time, a historic step in making health care more affordable and accessible,” said DelBene. “Thanks to Democrats in Congress and the Biden-Harris Administration, millions of Medicare beneficiaries, including over 144,000 in Washington, will soon see lower costs at the pharmacy counter. These savings will make a real difference in the lives of those who rely on these medications to stay healthy. But our work is far from over. We will continue building on this program and make these benefits available to every American in need.”

The Biden-Harris Administration announced the first 10 drugs selected for negotiation in August 2023. These drugs accounted for $56.2 billion in total Medicare spending in 2023, making up about 20 percent of all Part D gross spending. Medicare enrollees spent $3.4 billion out-of-pocket for these drugs in 2022 alone.  

Here’s a breakdown of the drugs selected for Medicare Part D price negotiation:   

The Inflation Reduction Act ensures that this is only the start. The U.S. Department of Health and Human Services will continue to negotiate prices for additional drugs covered under Medicare Part D and Part B, driving down costs even further in the years ahead.

In addition to these newly negotiated prices, people with Medicare are already saving money on their prescriptions thanks to the Inflation Reduction Act. The law caps insulin prices at $35 per month, provides enrollees with free vaccines, and requires drug companies to pay a rebate if they raise the costs of medication higher than inflation. Starting next year, all Medicare Part D enrollees will also benefit from a $2,000 out-of-pocket cap on their prescription drug costs. 

More information about today’s announcement can be found here and specifics about the impact in Washington can be found here.