More than 100,000 seniors insured by Medicare in Connecticut could see savings of up to nearly 80 percent for popular selected drugs. That’s under Medicare price negotiations announced by the White House Thursday.
The Biden administration under the Inflation Reduction Act negotiated with pharmaceutical companies the price of the 10 most expensive, commonly-prescribed drugs to Medicare beneficiaries.
More than 120,000 Connecticut residents take those drugs, said Nora Duncan, state director with AARP Connecticut.
“To these folks we've been hearing from, it may mean the difference between them not having to choose between cutting a pill in half or not having a meal,” Duncan said.
U.S. Rep. Joe Courtney, who represents eastern Connecticut, voted in favor of the Inflation Reduction Act. He’s looking at the bigger picture.
“This is just a major game changer for patients, but also for the Medicare system's future solvency,” he said.
The lower prices go into effect in 2026. Medicare is expected to save nearly $6 billion in the first year.
“I think these 122,000 folks [in Connecticut] are going to be pretty happy when 2026 rolls around and they see savings between 38 and 79% on these critical medications,” Duncan said.
The list of drugs — Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara and Fiasp — range from treating arthritis and diabetes to cancer, cardiovascular disease and kidney disease.
But the new law, which created the lower costs through price negotiations, does not extend to all Americans.
“And that is the next step that should occur if we're really going to have a fair health care system,” Courtney said.
Legislation currently in the House of Representatives, dubbed the Lowering Health Care Cost for American Families Act, aims to extend these lower prices to employer-based health insurance plans.
“It would be optional, but it would again provide people with the opportunity to get those lower costs,” Courtney said.
