September 25, 2023
At the beginning of 2023, the Centers for Medicare and Medicaid Services (CMS) announced that work had started on the Medicare Drug Price Negotiation Program. As part of the Inflation Reduction Act of 2022, the program aims to lower prescription drug costs for Medicare beneficiaries.
For the first time, Medicare has begun to negotiate the price of prescription drugs. The United States Department of Health and Human Services (HHS) has selected 10 drugs for negotiation and the new prices will go into effect in 2026.
The selected drugs, which are covered under Medicare Part D, include:
- Fiasp; Fiasp FlexTouch; Fiasp PenFill; NovoLog; NovoLog FlexPen; NovoLog PenFill
The negotiated prices will be announced next September, in 2024, and beneficiaries will start seeing these price changes in January of 2026.
Read more about the Medicare Drug Price Negotiation Program
What is Medicare Part D?
Medicare Part D is offered by private insurance plans and helps cover the cost of presc5ription medication for individuals enrolled in Medicare. Beneficiaries can enroll in standalone Part D coverage alongside Original Medicare or receive it bundled in a coverage such as a Medicare Advantage Part C.