Durbin, Duckworth Applaud Lowered Prices Of 10 Medicare-Covered Prescription Drugs
Because of new authority granted by Congress in the Inflation Reduction Act, the Biden-Harris Administration announced historic price reductions on popular medications
SPRINGFIELD – U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Tammy Duckworth (D-IL) today applauded the Biden-Harris Administration for its efforts to negotiate price reductions for 10 of the most expensive and frequently-dispensed drugs in the Medicare program. The Inflation Reduction Act, which Durbin and Duckworth both strongly advocated for, provided the Biden-Harris Administration with the authority to negotiate the drug prices with Big Pharma, resulting in price reductions of up to 79 percent. In total, these reduced prices are estimated to save approximately nine million seniors a total of $1.5 billion in annual out-of-pocket costs, and save the Medicare program $6 billion. The new prices will go into effect for people with Medicare Part D prescription drug coverage beginning January 1, 2026.
More than 280,000 Medicare enrollees in Illinois take one of these prescription drugs selected for negotiation, including 142,000 seniors in Illinois who take a covered blood thinner that will see a price reduction of up to $3,840 per year. Because of the Inflation Reduction Act, 449,000 Medicare Part D enrollees in Illinois are expected to see a collective $120 million in savings from a new cap on out-of-pocket costs. The legislation will also cap costs for covered insulin at $35 per month for people with Medicare, make recommended vaccines available at no costs for 1.4 million seniors in Illinois, and require drug companies to pay a rebate to Medicare if they raise prices faster than the rate of inflation.
“If a drug is not affordable, it’s not accessible to the patients who need it. But for years, Big Pharma got away with charging outrageous prices for lifesaving medications. That’s why the Inflation Reduction Act was so monumental,” said Durbin. “Because Democrats in Congress passed this historic law—without a single Republican vote—the Biden-Harris Administration is delivering for American patients, dramatically lowering the price of medications. Illinoisans are going to save millions of dollars in prescription drug costs from this legislation.”
“By empowering Medicare to directly negotiate with drug manufacturers for the first time, the Inflation Reduction Act passed by Democrats continues to lower prescription drug costs so that millions of Americans can better afford the lifesaving drugs they need,” Duckworth said. “I’m proud to see the dedication of the Biden-Harris Administration at work. No one should have to choose between paying for their lifesaving prescription or paying the rent.”
The 10 drugs that the Biden-Harris Administration negotiated down the price of include:
- Januvia – diabetes medication, cost lowered by 79 percent;
- Enbrel – arthritis/psoriasis medication, cost lowered by 67 percent;
- Xarelto – blood thinner medication, cost lowered by 62 percent;
- Entresto – heart medication, cost lowered by 53 percent;
- Fiasp, Fiasp FlexTouch, Fiasp PenFill, NovoLog, NovoLog FlexPen, NovoLog Pen-Fill – diabetes medications, cost lowered by 76 percent;
- Jardiance – diabetes/heart/kidney medication, cost lowered by 66 percent;
- Eliquis – blood thinner medication, cost lowered by 56 percent;
- Imbruvica – cancer medication, cost lowered by 38 percent;
- Farxiga – diabetes/heart/kidney medication, cost lowered by 68 percent; and
- Stelara – arthritis/psoriasis medication, cost lowered by 66 percent.
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