First List of Rx Drugs Selected for Medicare Price Negotiation Released

(CHARLESTON, WV) – West Virginians for Affordable Health Care (WVAHC) applauds the list of ten Medicare Part D drugs selected for negotiation by the Centers for Medicare & Medicaid Services (CMS), as required by the Inflation Reduction Act (IRA). 

“For decades, Americans have been paying more for prescription drugs than people in other countries,” said Ellen Allen, Executive Director of West Virginians for Affordable Health Care. “Lowering prescription drug costs will be a life saver for the over 300-thousand West Virginia seniors and families who have been forced to choose between affording their prescription drugs, going to the doctor or just making ends meet.”

For the first time ever, Medicare will be able to negotiate directly with drug manufacturers for prices of prescription drugs, starting with a selection of 10 high-cost Medicare Part D drugs, including major blood thinners and diabetes medications. 

“Allowing Medicare the power to negotiate drug prices will save West Virginians thousands of dollars a year,” said Allen. “This, and other health care policies included in the IRA will be life changing for so many of our friends and neighbors – it’s the greatest health care achievement since the passage of the Affordable Care Act.”

In addition to allowing Medicare the power to negotiate drug prices, the IRA also lowers premium costs for 13 million Americans who purchase coverage on the Affordable Care Act marketplaces, including over 23,000 in West Virginia. It also limits the cost of insulin to $35 a month, and caps senior out-of-pocket prescription drug costs. 

You can view the full list of drugs selected for Medicare price negotiations here.

The negotiated maximum fair prices for these drugs will be announced September 1, 2024 and prices will take effect on January 1, 2026. In future years, CMS will select for negotiation 15 more Part B or Part D drugs for 2028, and 20 more Part B or Part D for each year after that, as outlined in the IRA. 

For a full timeline of the Drug Price Negotiation Implementation process, please visit https://www.cms.gov/files/document/drug-price-negotiation-timeline-2026.pdf