Americans across the political spectrum agree that Medicare drug prices should be negotiated, according to a new poll from West Health and Gallup.
The White House announced today the first 10 drugs subject to new Medicare price negotiations, after a law was passed allowing the government to lean on drug companies for a better deal.
The move could save taxpayers billions of dollars in the first year alone. And it’s supported by a majority of Americans, at a time when many are struggling to meet the mounting cost of some lifesaving prescription drugs.
The drugs on the list are among the most costly to the Medicare Part D program — Eliquis, for example, is a blood-thinning medication that saw the government running up a $6.2 billion tab in 2021.
“The selected drugs account for about $50 billion, or about 20%, of total Part D gross Medicare spending, and over 8 million people with Medicare prescription drug coverage use these 10 drugs,” said Chiquita Brooks-LaSure, administrator of the Centers for Medicare and Medicaid Services.
“This is your mother with diabetes, your father with cardiovascular disease, your great aunt with rheumatoid arthritis,” Brooks-LaSure added.
Negotiated rates could save $3.7 billion in the first year alone, according to estimates from the Congressional Budget Office, and more than $100 billion over the next decade.
