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Simon F. Haeder, Associate Professor of Public Health, Texas A&M University

Medicare starts a long road to cutting prices for drugs, starting with 10 costing it $50.5 billion annually – a health policy analyst explains why negotiations are promising but will take years

Medicare Joe Biden Medicaid the Centers for Medicare Medicaid Services United States Inflation

Americans pay far more for prescription drugs compared with people in other high-income countries. Willie B. Thomas/Digital Vision via Getty Images

The Biden administration released on Aug. 29, 2023, a list of the first 10 drugs that will be up for negotiations with pharmaceutical companies over their Medicare prices.

The drugs are purchased through Medicare Part D, a prescription drug coverage program for Americans ages 65 and older. The 10 medications accounted for more than US$50.5 billion in gross costs between June 1, 2022, and May 31, 2023.

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