WASHINGTON, D.C., August 30, 2023—The U.S. Department of Health and Human Services (HHS) announced the first 10 prescription drugs covered under Medicare Part D selected for price negotiations which was made possible by the passage of the Inflation Reduction Act.
The drugs selected impact approximately 144,000 Medicare Part D enrollees in Washington state to treat some of the most common diseases like diabetes, heart disease, arthritis, blood clots and cancers. The negotiations with participating drug companies will occur in 2023 and 2024, and any negotiated prices will become effective beginning in 2026.
“This is great news for tens of thousands of Northwest Washington seniors and their loved ones who rely on Medicare to prevent and treat diabetes, heart disease, arthritis, blood clots and cancer,” said Larsen. “Thanks to the Inflation Reduction Act, more people can focus on improving their health and well-being without worrying how they will be able afford essential prescription drugs.
The enrollee estimates are according to HHS for the time period between June 1, 2022 and May 31, 2023. The list of Medicare drugs for price negotiations includes:
- Used to prevent and treat blood clots
- 58,000 Washington enrollees benefit from Eliquis
- Used to treat diabetes and heart failure
- 26,000 Washington enrollees benefit from Jardiance
- Used to prevent and treat blood clots; reduces risk for patients with coronary or peripheral artery disease
- 27,000 Washington enrollees benefit from Xarelto
- Used to treat diabetes
- 9,000 Washington enrollees benefit from Januvia
- Used to treat diabetes, heart failure and chronic kidney disease
- 6,000 Washington enrollees benefit from Farxiga
- Used to treat heart failure
- 6,000 Washington enrollees benefit from Entresto
- Used to treat rheumatoid arthritis, psoriasis and psoriatic arthritis
- Fewer than 500 Washington enrollees benefit from Enbrel
- Used to treat blood cancers
- Fewer than 500 Washington enrollees benefit from Imbruvica
- Fiasp; Fiasp FlexTouch; Fiasp PenFill; NovoLog; NovoLog FlexPen; NovoLog PenFill (insulin)
- Used to treat diabetes
- 11,000 Washington enrollees benefit from this drug
According to estimates from the House Budget Committee Democrats, the Inflation Reduction Act benefitted:
- Approximately 29,000 people who signed up for an Affordable Care Act marketplace plan in Northwest Washington are saving an average of $1,110 on their health insurance.
- Approximately 3,400 Medicare beneficiaries in Northwest Washington are saving an average of $570 each year on their insulin because of the $35/month cap on insulin prices
- Approximately 344,000 people in Washington state will save an average of $410 on prescription drugs every year when cost-reducing policies in the law – like a $2,000 cap on annual out-of-pocket pharmacy costs for Americans with Medicare – go into effect in 2025.
SOURCE: Office of Representative Rick Larsen