More Bidenomics: Ten More Drugs Now Subject to Price Negotiations with Medicare

Photo from USA Today

In another example of how Bidenomics is about helping people, expanding the middle class, and lifting up the impoverished, the Biden/Harris Administration announced today (August 29, 2023,) that ten drugs have been selected for price negotiation with Medicare.

With new prices set to take effect in 2026, these drugs and what they treat are:

  • Eliquis: Prevention and treatment of blood clots.
  • Jardiance: Diabetes; Heart failure.
  • Xarelto: Prevention and treatment of blood clots; Reduction of risk for patients with coronary or peripheral artery disease.
  • Januvia: Diabetes
  • Farxiga: Diabetes; Heart failure; Chronic kidney disease.
  • Entresto: Heart Failure.
  • Enbrel: Rheumatoid arthritis; Psoriasis; Psoriatic arthritis.
  • Imbruvica: Blood Cancers.
  • Stelara: Psoriasis; Psoriatic arthritis; Crohn’s disease; Ulcerative colitis
  • Fiasp; Fiasp FlexTouch; Fiasp PenFill; NovoLog; NovoLog FlexPen; NovoLog PenFill: Diabetes.

For senior citizens with these illnesses, this announcement, if followed through after the 2024 Presidential Election, could be a God send.

In a White House Statement, President Joe Biden said of the momentous event:

“For far too long, Americans have paid more for prescription drugs than any major economy. And while the pharmaceutical industry makes record profits, millions of Americans are forced to choose between paying for medications they need to live or paying for food, rent, and other basic necessities. Those days are ending.

Today, my Administration announced the first 10 Medicare Part D drugs that have been selected for price negotiation — for the first time ever. They are among the most common and costly prescriptions that treat everything from heart failure, blood clots, diabetes, arthritis, Crohn’s disease – and more. This is on top of progress we made in reducing the cost of insulin to $35 a month for seniors on Medicare.

We’ve reached this milestone because of the Inflation Reduction Act– one of the most significant laws ever enacted, and one that passed with the leadership of Democrats in Congress. We took on Big Pharma and special interests, overcoming opposition from every Republican in Congress, and the American people won.

When implemented, prices on negotiated drugs will decrease for up to 9 million seniors. These seniors currently pay up to $6,497 in out-of-pocket costs per year for these prescriptions. In addition, the nonpartisan Congressional Budget Office reports that this will save taxpayers $160 billion by reducing how much Medicare pays for drugs through negotiation and inflation rebates.

This plan is a key part of Bidenomics, my economic vision for growing the economy from the middle out and the bottom up – not the top down. And it’s working. That’s why Big Pharma has already filed eight lawsuits against my Administration, and spent nearly $400 million last year to try to stop our progress. Let me be clear: I am not backing down. There is no reason why Americans should be forced to pay more than any developed nation for life-saving prescriptions just to pad Big Pharma’s pockets. For many Americans, the cost of one drug is the difference between life and death, dignity and dependence, hope and fear. That is why we will continue the fight to lower healthcare costs – and we will not stop until we finish the job.”

Julie Chavez Rodriguez, the Campaign Manager for Biden-Harris 2024 issued a statement, writing:

“For decades, presidents have tried to take on Big Pharma on behalf of seniors, but President Biden finally got it done. Thanks to President Biden’s leadership, millions of seniors, including those taking life-saving medication to prevent heart failure or to manage chronic diseases like diabetes, will see their drug costs significantly lowered. Today’s announcement is on top of capping insulin costs for seniors at $35 a month, and permanent health care subsidies that are making health care cheaper for the American people.

Elections have consequences. Because a historic number of Americans came together in 2020 to elect Joe Biden and Kamala Harris, seniors across America will begin paying less when they pick up their medicine at the pharmacy. That is what delivering results looks like.

But that progress is all on the line in 2024. MAGA Republicans running for president want to repeal the Inflation Reduction Act, which would deliver a massive win for Big Pharma and increase costs for the American people. The choice in this election is between a President focused on you, and a slate of candidates focused on extreme policies that put their wealthy donors first.”

The President with Vice President Kamala Harris also appeared at a White House event to celebrate the announcement.

President Biden and his campaign manager are right.

This election is about fighting for the disadvantaged over the advantaged.

Voters would be wise to consider which team is for and has fought for the middle and working class and which one has not.