The Biden administration is touting a win. The White House announced Wednesday night, Aug. 14, federal officials had come to an agreement with drug companies to lower the prices of Medicare’s ten most popular – and expensive – prescriptions.
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The White House said the lower prices should save taxpayers around $6 billion, while older Americans could save roughly $1.5 billion on their medications. According to the White House, this deal will impact the price of drugs used by millions to help manage diabetes and blood cancers and prevent heart failure or blood clots.
Some of the drugs that will see a price drop include the blood thinners Xarelto and Eliquis and diabetes drugs Jardiance and Januvia. Last year, Medicare spent $50 billion covering those four medications alone.
The new pricing is set to take effect for those with Medicare Part D coverage on Jan 1, 2026.
This deal will be the focus of a joint appearance by President Joe Biden and Vice President Kamala Harris in Maryland on Thursday. This will be their first public event together since the president announced he was ending his bid for the 2024 election, paving the way for Harris to become the Democratic presidential nominee.
