Casey Statement on First Set of Lower, Medicare-Negotiated Prescription Drug Prices
Statement follows announcement of the new, lower costs of the first ten prescription drugs subject to Medicare price negotiations
Casey fought to pass law giving Medicare the power to negotiate and lower prescription drug prices
New, lower prices will go into effect for Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog/Fiasp on January 1, 2026
Washington, D.C. - Today, U.S. Senator Bob Casey (D-PA), Chairman of the U.S. Senate Special Committee on Aging, released the following statement after the Biden Administration announced new, lower costs for the first ten drugs subject to price negotiations by Medicare. The drugs are Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog/Fiasp.
“For far too long, prescription drug costs have hung like a bag of rocks tied around the necks of millions of Americans, weighing them down every single day,” said Chairman Casey. “I fought to give Medicare the power to negotiate prices with drug companies to help ease the burden that so many older Americans are carrying. Today’s announcement is a huge relief for the people who rely on these often life-saving medications, and shows just how significant the savings will be as Medicare plans to engage in price negotiations on more and more drugs in the coming years.”
In 2022, Chairman Casey fought to pass the Inflation Reduction Act, which gave Medicare the power to negotiate prescription drug prices for the first time. Negotiations began last year on the first set of ten drugs: Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog/Fiasp. Today, the Biden Administration announced the new, lower negotiated prices for each of these first ten drugs. Early next year, the Administration will announce the next set of 15 drugs that will be subject to price negotiations.
Chairman Casey has long led efforts in the Senate to lower prescription drug costs. In addition to giving Medicare the power to negotiate drug prices, Casey’s vote for the Inflation Reduction Act capped the price of insulin at $35 a month and, starting on January 1, 2025, will cap total out-of-pocket prescription drug costs at $2,000 a year for Medicare recipients. Earlier this year, Casey introduced the Capping Prescription Costs Act, which would extend the $2,000 out-of-pocket cap to all of the 173 million Americans who have private insurance.
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