August 29, 2023

Retirees Applaud Release of the First Ten Drugs That Medicare Will Negotiate Prices For With Drug Corporations

Statement by Richard Fiesta, Executive Director of the Alliance for Retired Americans on the Centers for Medicare and Medicaid Services’ release of the first ten drugs that will be subject to price negotiation.

“It’s a landmark day for older Americans. For the first time, the price Medicare pays for ten of the most expensive prescription drugs will be determined at a negotiating table, not in a corporate boardroom.

“This day would not have happened without the leadership of President Biden who made sure that the Inflation Reduction Act included strong action to lower the prices older Americans pay for prescription drugs. Thanks to him, seniors are paying less for some of their drugs today, and prices will continue to go down in the coming years.

“Of course, Americans have paid the highest prices for prescription drugs for decades and older Americans have borne the brunt of this crisis. The drug industry has had unfettered monopoly power over drug prices for too long, and we welcome this important step toward putting patients ahead of drug corporation profits.”

“In just one year, taxpayers spent $50.5 billion – 20% of the total Part D gross covered prescription drug costs – on just these ten drugs. Lower prices on these drugs will save taxpayers and beneficiaries millions per year.

“The Alliance’s grassroots members have fought to allow Medicare to negotiate lower drug prices for more than two decades. Our members’ tireless activism has kept this issue front and center and this action would not have happened without them.”

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Contact: Lisa Cutler, lcutler@retiredamericans.org