U.S. to Announce Prices for First Drugs Picked for Medicare Negotiations

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The Biden administration is set to announce on Thursday the results of landmark price negotiations between Medicare and the pharmaceutical companies over the prices of 10 costly or common medications taken by millions of older Americans. Had the new prices been in effect last year, Medicare would have saved $6 billion, administration officials said in a Wednesday news briefing previewing the announcement. The prices of the drugs, which include widely used blood thinners and arthritis medications, are to be released later Thursday morning, and will take effect in 2026. They represent the first time that the federal government has directly negotiated with drugmakers on behalf of Medicare beneficiaries, and will reshape the federal government’s role in a program that covers tens of millions of older and disabled Americans. “It’s a relief for the millions of seniors that take these drugs to treat everything from heart failure, blood clots, diabetes, arthritis, Crohn’s disease and more,” President Biden said in a statement. “And it’s a relief for American taxpayers.”