Statement on Drug Manufacturers Participating in Inflation Reduction Act’s Medicare Price Negotiation Program

FOR IMMEDIATE RELEASE: October 3, 2023
PRESS CONTACT: Eileen Garcia, [email protected], (786) 486-1302

STATEMENT ON DRUG MANUFACTURERS PARTICIPATING IN INFLATION REDUCTION ACT’S MEDICARE PRICE NEGOTIATION PROGRAM

WASHINGTON, D.C. — Building Back Together spokesperson Eileen Garcia released the following statement in response to the Biden-Harris Administration’s announcement that the manufacturers of all ten drugs selected for price negotiation have agreed to participate in the Inflation Reduction Act’s Medicare Drug Price Negotiation Program:

“Today’s announcement that all of the manufacturers of the ten drugs selected for price negotiation have agreed to participate in the Inflation Reduction Act’s cost-cutting program is another major step for President Biden’s agenda to lower costs for seniors and hardworking people.

For decades, Big Pharma has blocked Medicare’s ability to lower prices, leaving nearly three in ten Americans struggling to afford their life-saving medications. Over the last year, seniors have spent $3.4 billion on these 10 drugs alone, meant to help treat conditions such as heart failure, diabetes, arthritis, blood clots, Crohn’s disease, and more.

No family should ever struggle to pay for the cost of life-saving medication while the corporations who produce those drugs rake in record-breaking profits. It’s time to hold corporations accountable for price gouging, and we thank President Biden’s leadership in the fight to lower prices.”

Read more about the manufacturers and prescription drugs that are part of the Medicare Drug Price Negotiation Program:

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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