MATSUI STATEMENT ON BIDEN-HARRIS ADMINISTRATION’S ANNOUNCEMENT ON MEDICARE NEGOTIATED DRUG PRICES

WASHINGTON, D.C.-Today, Congresswoman Doris Matsui (CA-07) released the following statement after the Biden-Harris Administration announced the results of the first round of Medicare negotiations for ten prescription drugs. This new authority was given to the Centers for Medicare & Medicaid Services (CMS) under the Inflation Reduction Act (IRA), signed by President Biden in 2022.

"For far too long,Big Pharma has locked lifesaving prescription drugs behind a barrier of absurdly high costs," said Congresswoman Matsui. "Throughout the Sacramento region and across the nation, Americans are forced into impossible choices when facing these high prices - rationing medications, choosing between groceries or prescriptions, or just going without. There's absolutely no reason Americans should pay prices that are three or four times higher than other countries. That's why I fought hard to end the ban on Medicare negotiating directly with drug companies through the Inflation Reduction Act."

"Today, we are seeing the lifechanging impact of these reforms," Matsui continued. "By forcing drugmakers to the table, we have secured real price reductions making essential prescription drugs affordable and accessible. These new prices will result in $1.5 billion in direct savings to Medicare beneficiaries' out-of-pocket costs, and $6 billion in overall savings to the Medicare program. This is a historic step forward - but there is more work to do. Now it's time to build upon this progress for our seniors and expand these savings to even more Americans."

The drugs included in the first round of negotiation are:

• Eliquis, for preventing strokes and blood clots
• Jardiance, for diabetes and heart failure
• Xarelto, for preventing strokes and blood clots
• Januvia, for diabetes
• Farxiga, for chronic kidney disease
• Entresto, for heart failure
• Enbrel, for arthritis and other autoimmune conditions
• Imbruvica, for blood cancers
• Stelara, for Crohn's disease
• Fiasp; Fiasp FlexTouch; Fiasp PenFill; NovoLog; NovoLog FlexPen; NovoLog PenFill insulin products, for diabetes

The negotiated prices for the 10 drugs will go into effect January 1, 2026. In 2023, approximately 8.8 million Medicare beneficiaries took one of the selected drugs. Spending on the ten selected drugs accounted for about 20% of total Part D spending.

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