Reactions to Medicare's drug price cuts
Aug 15 (Reuters) -The U.S. government said on Thursday it had negotiated down the prices of 10-top selling prescription drugs by as much as 79% for the Medicare health program for older Americans, ending months of unprecedented discussions with drugmakers.
The U.S. government expects to save $6 billion in the first year from the new prices negotiated through provisions of the Inflation Reduction Act that allow Medicare for the most costly drugs that the program covers for 66 million people.
Here are some reactions to the price cuts:
U.S. PRESIDENT JOE BIDEN:
"We showed that major progress can be made for the American people when we work together to take on special interests, even as Big Pharma continues to go to court to try to block lower prices for consumers."
"But the Vice President and I are not backing down. We will continue the fight to make sure all Americans can pay less for prescription drugs and to give more breathing room for American families."
VICE PRESIDENT KAMALA HARRIS:
"Today's announcement will be lifechanging for so many of our loved ones across the nation, and we are not stopping here."
"Additional prescription drugs will be selected each year as part of our Medicare drug price negotiation program."
XAVIER BECERRA, U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES SECRETARY:
"Americans pay too much for their prescription drugs. That makes today's announcement historic. For the first time ever, Medicare negotiated directly with drug companies and the American people are better off for it."
ABBVIE:
"We can confirm the price that was set for (leukaemia treatment) Imbruvica is within the range that we had anticipated," the company said in a statement.
"The price setting provision of the Inflation Reduction Act does nothing to benefit patients and will only harm the scientific innovation that makes the development of life-changing treatments possible."
NOVO NORDISK:
"We remain opposed to government price setting through the IRA and have serious concerns about how the law is being implemented, including aggregating multiple products that individually would not meet the requirements of the statute," the company said in a statement.
"However, even as our IRA lawsuit progresses, Novo Nordisk will ensure the MFP (maximum fair prices) is made available to Medicare beneficiaries and entities that dispense to such individuals by January 2026 as required by statute."
BRISTOL MYERS SQUIBB:
The negotiated price for blood-thinner Eliquis "does not reflect the substantial clinical and economic value of this essential medicine," the company said in a statement.
"Insurance plans and their pharmacy benefit managers are ultimately responsible for what patients will pay for Eliquis."
"The IRA does not protect patients from potential increases to their cost sharing or restrictions in access to Eliquis once the MFP goes into effect in January 2026."
ASTRAZENECA:
"AstraZeneca believes that everyone who needs our medicines should have access to them, which is compromised for Medicare and Medicaid patients if a manufacturer refuses to accept" the prices, the company said in a statement.
"For this reason, AstraZeneca has accepted the MFP for (diabetes drug) Farxiga"
JOHNSON & JOHNSON:
“The reality of the IRA’s government price setting for U.S. patients will be higher costs, and as seen in other countries with government dictated prices, restricted access and fewer medicines," the company said in a statement.
NOVARTIS:
"We acceded to a “maximum fair price” for (heart failure drug) Entresto for 2026 only to avoid other untenable options including catastrophic fines or the removal of all our products from both Medicare and Medicaid," the company said in a statement.
FACTBOX-Top Medicare drugs headed for price cuts https://www.reuters.com/business/healthcare-pharmaceuticals/top-medicare-drugs-headed-price-cuts-2024-08-15/
Reporting by Manas Mishra, Bhanvi Satija and Mariam E Sunny in Bengaluru; Editing by Saumyadeb Chakrabarty
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