Some of the most widely used drugs in the US may be heading for lower prices under Medicare, a move that could save taxpayers billions of dollars and squeeze profits for big pharmaceutical companies.
The US government is preparing to release a list this week of 10 drugs that the health program for the elderly will be able to negotiate prices for — one of the key elements of President Joe Biden’s signature Inflation Reduction Act. Analysts expect Johnson & Johnson’s Xarelto blood thinner and Eli Lilly & Co.’s Jardiance for diabetes to be among the medications chosen.
“They’re going to earn less money,” said Spencer Perlman, an analyst with policy research firm Veda Partners. “That’s just a fact.” The list is expected Tuesday, Politico reported, citing unnamed people involved. The White House is planning an event on lowering health-care costs Tuesday with Biden and Vice President Kamala Harris.
The administration calls that a win for the taxpayers who fund Medicare and for the seniors enrolled in it. To the companies, it’s price-setting, and they’re hitting back. Drugmakers have filed cases in courts across the US, potentially leading to split appellate decisions and a trip to the Supreme Court. The US Chamber of Commerce is seeking to halt negotiations before they even start.
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