Summary
Next year, 15 common drugs will be cheaper for people on Medicare, thanks to approvals from the Trump administration. The prices are set to drop by an average of 44%, with expectations of total savings reaching about $12 billion. Medicare's negotiation capabilities, enhanced by the Inflation Reduction Act, will allow these savings.
Key Facts
- Medicare-approved price cuts are set for 15 widely used drugs in 2024.
- Total savings on these drugs are expected to be $12 billion.
- The price cuts result from Medicare's ability to negotiate drug prices.
- Discounts will range from 38% to 85%.
- These changes are part of the Inflation Reduction Act, which began in 2022.
- Medicare Part D enrollees could save $685 million in total.
- Around 5.3 million people use these 15 medications.
- The list includes drugs for diabetes, cancer, and asthma.
