Building Back Together Applauds Historic Drug Price Negotiation

FOR IMMEDIATE RELEASE: August 29, 2023
PRESS CONTACT: McKenzie Wilson, [email protected], 773-715-0169

BUILDING BACK TOGETHER APPLAUDS BIDEN-HARRIS ADMINISTRATION’S HISTORIC DRUG PRICE NEGOTIATION

WASHINGTON, D.C. — Building Back Together Interim Executive Director Mayra Macías released the following statement applauding the Biden-Harris Administration for the historic announcement on negotiating prescription drug prices:

“For the first time in our history, Medicare will have the authority to negotiate the cost of prescription drugs directly with major drug manufacturers. For years, these major drug companies have seen record-breaking profits made off the backs of Americans just trying to make ends meet and stay healthy.

That ends today. For Americans who take vital medications like Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and Fiasp/NovoLog, help is on the way.

Today’s announcement is all thanks to President Biden and Democrats in Congress’ Inflation Reduction Act — and not thanks to any Republican in Congress, all of whom voted against this historic legislation.

Despite the pharmaceutical industry spending nearly $400 million in lobbying last year alone to keep the cost of prescription drugs out of reach for middle-class families across the country, the Biden-Harris Administration is unwavering in their fight to lower costs and to make sure that no one is denied essential care because of cost.

To quote President Biden: today’s news is a BFD.”

Read more about the Biden-Harris Administration’s announcement to negotiate the following 10 medications:

Eliquis, a life-saving medication used to prevent blood clotting and reduce the risk of stroke.

Eliquis is made by major drug corporation Bristol-Myers Squibb, which announced more than $11.8 billion in revenue from sales of Elquis in 2022.
On average, Medicare enrollees were forced to spend $441 out-of-pocket annually on Eliquis.

Jardiance, a life-saving medication used to lower blood sugar for people with diabetes.

Jardiance is made by major drug corporations Eli Lilly and Boehringer Ingelheim, which made $6.1 billion in revenue from sales of Jardiance in 2022.
On average, Medicare enrollees were forced to spend $290 out-of-pocket annually on Jardiance.

Xarelto, a life-saving medication used to prevent blood clotting to reduce the risk of stroke.

Xarelto is made by major drug corporations Johnson & Johnson and Bayer, which reported $4.8 billion in revenue from Xarelto in 2022.
On average, Medicare enrollees were forced to spend $451 out-of-pocket annually on Xarelto.

Januvia, a vital medication used to lower blood sugar for people with diabetes.

Januvia is made by major drug corporation Merck, which reported $2.8 billion in revenue from Januvia in 2022.
On average, Medicare enrollees were forced to spend $270 out-of-pocket annually on Januvia.

Farxiga, a vital medication used to treat diabetes.

Farxiga is made by major drug corporation AstraZeneca, which reported $4.3 billion in sales from Farxiga in 2022.
On average, Medicare enrollees were forced to spend $260 out-of-pocket annually on Farxiga.

Entresto, a life-saving medication used to treat certain types of heart failure.

Entresto is made by major drug corporation Novartis, which reported $4.6 billion in sales from Entresto in 2022.
On average, Medicare enrollees were forced to spend $357 out-of-pocket annually on Entresto.

Enbrel, a vital medication used to treat rheumatoid arthritis.

Enbrel is made by major drug corporation Amgen, which reported $4.1 billion in revenue from Enbrel in the second quarter of 2022 alone.
On average, Medicare enrollees were forced to spend $921 out-of-pocket annually on Enbrel.

Imbruvica, a life-saving medication used to treat different types of blood cancers.

Imbruvica is made by major drug corporation AbbVie, which reported $4.56 billion in global revenue from Imbruvica in 2022.
On average, Medicare enrollees were forced to spend $5,247 out-of-pocket annually on Imbruvica.

Stelara, a vital medication used to treat Crohn’s disease.

Stelara is made by major drug corporation Johnson & Johnson, which reported $9.7 billion in revenue from Stelara in 2022.
On average, Medicare enrollees were forced to spend $2,058 out-of-pocket annually on Stelara.

Fiasp, Fiasp FlexTouch, Fiasp PenFill, NovoLog, NovoLog FlexPen, and NovoLog PenFill.

These life-sustaining insulins are produced by major drug corporation Novo Nordisk, which reported a total operating profit of $10.6 billion in 2022.
On average, Medicare enrollees were forced to spend $121 out-of-pocket annually on these insulins.

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