Medicare drug price negotiations will bring discounts for these 10 drugs

The Biden administration on Thursday announced a deal struck between Medicare and pharmaceutical companies to bring down the prices for 10 prescription drugs , which the government says will save roughly $6 billion off the Medicare prices paid this year for the same medications. The Centers for Medicare & Medicaid Services (CMS) estimates that 8.8 million of the 54 million Americans with Medicare Part D were using the 10 medications in 2023.

The discounts on the drugs from the 2023 list price range from 38% for the blood cancer drug Imbruvica to 79% for Januvia, a diabetes drug. The negotiations were one leg of the Inflation Reduction Act of 2022 signed into law by President Joe Biden in August 2022.

More: Biden administration says Medicare negotiated price discounts on 10 prescription drugs

The new prices are set to take effect Jan. 1, 2026.

What prescription drugs are going to have prices reduced?

The drugs included in the price reductions treat a range of conditions, including cancer, diabetes and heart disease. The U.S. Department of Health and Human Services projects $1.5 billion savings in out-of-pocket costs.

Here are the drugs set for price reduction in 2026 and the percentage decrease for a 30-day supply:

In 2023, CMS estimates Americans with Medicare Part D prescription drug coverage spent $3.9 billion out-of-pocket for the 10 drugs.

SOURCES Centers for Medicare & Medicaid Services

Contributing: Ken Alltucker

This article originally appeared on USA TODAY: Medicare drug price negotiations will bring discounts for these 10 drugs