"The Centers for Medicare and Medicaid Services (CMS) said Monday the new prices will save the 55 million people enrolled in the Part D pharmaceutical plan a total of about $685 million. With 5.3 million people using the newly discounted drugs, that equates to average savings of roughly $129 per Medicare enrollee. Individuals' out-of-pocket reductions are likely to vary based on whether they use one or more of the drugs covered by the new agreement and if they've reached their annual spending cap."
"The lower drug prices were arranged through the Inflation Reduction Act, which included a measure to negotiate prices for some of Medicare's most expensive drugs. Before the 2022 law, Medicare was prohibited from negotiating with pharmaceutical firms to secure more favorable drug prices for participants in the government health program. Under the new agreement, lower prices for the 15 drugs will take effect in 2027 for medications bought through Medicare's Part D prescription plan, CMS said."
Negotiated price cuts for 15 widely used Medicare drugs are expected to reduce federal spending on those medicines by 44%, roughly $12 billion. The Centers for Medicare and Medicaid Services projects Part D enrollees will save about $685 million collectively, with 5.3 million users of the discounted drugs averaging roughly $129 in individual savings. Discounts will range from 38% to 85% off list prices and take effect in 2027 for Part D purchases. Major drugs on the list include Ozempic and Wegovy. Individual out-of-pocket reductions will vary based on drug use and whether enrollees hit annual spending caps.
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