Drugmakers that were selected in early February to begin price negotiations for 10 of the most expensive drugs in the U.S. as part of the Biden administration's Inflation Reduction Act have sent the federal government counteroffers, President Joe Biden confirmed in a March 4 update.
In August 2023, HHS announced the 10 drugs in the first round of negotiations — which in total cost Medicare enrollees $3.4 billion in out-of-pocket costs in 2022 alone.
The 10 drugs included in the first round of negotiations were: Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara and Fiasp (as well as related Fiasp varieties).
Drugmakers had one month to accept or propose counteroffers, which President Biden confirmed March 4 had been received.
"Today, my Administration is announcing that manufacturers for all ten selected drugs will continue to participate in drug price negotiations, as all manufacturers have submitted counteroffers," President Biden stated in the update. "This is an important milestone in our fight to give seniors the best possible deal on their prescription drugs and in lowering health care costs for all families."
President Biden said additional updates about the ongoing drug pricing negotiations will be shared in his State of the Union address on March 7.
Drug negotiation talks are anticipated to continue through Aug. 1. After that, CMS will publish the final, maximum fair prices by Sept. 1, 2024. Prices, however, are not slated to take effect until 2026.