NORFOLK, Va. — Government officials at the federal level said they are kickstarting negotiations with several drug companies in an effort to cut costs for people with Medicare.
In the first cycle of this program, the Biden-Harris administration said it's trying to lower the price of some costly prescription drugs. The list includes blood thinners and medicine for Type 2 diabetes, heart failure, and chronic kidney disease.
Initial offers to participating drug companies started going out as early as Wednesday, according to the White House.
Federal government officials who oversee health and Medicare services are negotiating for lower prices on these 10 drugs, including Entresto.
"A three-month supply of Entresto can run upward of $900, depending on your prescription drug plan," said Bonnie Dozier, a benefits team leader and Virginia Insurance Counseling and Assistance Program coordinator with Senior Services of Southeastern Virginia.
Dozier and colleagues at Senior Services of Southeastern Virginia assist Medicare recipients on the Southside of Hampton Roads, at no cost.
"We'll look to see, is there a program out there that can help them? Is there a manufacturer's program out there that can save them money? Or, will they qualify for the extra help assistance program?" she said.
Armya Marae, pharmacist-in-charge at Glendale Pharmacy in Newport News, hopes negotiations happening at the federal level can help some of his patients.
"I have a person who asked me, 'Can I wait on my medicine two or three days?'" said Marae.
Marae doesn't see the Medicare Drug Price Negotiation Program affecting his pharmacy at a business level. However, as a pharmacist who serves the community, his biggest plea is for government leaders to hold pharmacy benefit managers or PBMs accountable.
"Because they are the people absorbing all our money, we are losing money anyway, with high prices or low prices," said Marae. "I wish somebody could reach, and listen to our voices."
According to a White House news release, negotiations with the select drug companies will span several months until August 1. If the companies and Medicare overseers reach a maximum fair price, affected patients should start seeing new prices starting in 2026.
In a statement, President Joe Biden said in part, "Medicare is no longer taking whatever prices for these drugs that the pharmaceutical companies demand."
The negotiations are taking place, as part of promises made under Inflation Reduction Act.
"Already, we’ve cut insulin costs to $35 for seniors and people with disabilities, 15 million Americans are saving an average of $800 per year on health insurance costs, and seniors’ out-of-pocket drug costs will be capped at $2,000 starting next year," President Biden added.