Press Releases
Medicare Unveils Negotiated Drug Prices Sparked by Biden-Harris Initiative
WASHINGTON, DC —Today, the Biden-Harris administration unveiled the final negotiated prices for the Inflation Reduction Act’s historic Medicare negotiation program. In 2026, seniors and other Medicare Part D enrollees are expected to save $1.5 billion in out-of-pocket costs for prescription drugs, with Medicare itself saving $6 billion when compared to 2023 totals. The program offers critical savings for millions of seniors with prescriptions from everything from heart failure to blood clots.
This is a transformative victory for millions of seniors and other patients who rely on Medicare for affordable access to life-saving medications. Big Pharma CEOs and their army of lobbyists spared no expense to defend a system rigged in their favor, prioritizing profits and price gouging over people’s health. The Biden-Harris administration has made the well-being of millions of Americans the priority, taking a decisive step towards lowering costs for millions.”
Accountable.US Executive Director Tony Carrk
$93.5 Billion in Profits. The big drug companies that produce the ten drugs subject to Medicare negotiation under the Inflation Reduction Act brought in $93.5 billion in profits last year.
$400 Million. Big pharma has been fighting for years to block Medicare negotiation. The industry spent nearly $400 million on lobbying in 2022 alone – not including their campaign contributions and public misinformation campaigns.
$500,000. Since its passage, the industry has doubled down on tactics to rollback, rescind, or repeal the law to protect their profits, with PhRMA—the largest pharmaceutical trade group—even going as far as to give $530,000 in donations to right-wing fringe organizations intimately involved with Project 2025. Among the Accountable.US findings, first reported by Rolling Stone, Project 2025 advisory board members—including FreedomWorks, American Commitment, ALEC and others—have fought against expanded voter access, while often parroting the Big Lie that the 2020 presidential election was stolen.
9. The number of lawsuits Big Pharma and their allies have filed to block Medicare’s ability to lower costs for seniors. Despite industry efforts, federal courtrooms across the country have upheld Medicare’s authority to negotiate lower prices for seniors and other patients. Recently, New Jersey District Court Judge Zahid Quraishi rejected Novo Nordisk’s challenge to the Inflation Reduction Act, marking the sixth time a federal court sided with the Biden-Harris administration. Last week, the U.S. Chamber of Commerce’s case against the program was tossed out due to lack of standing.
Earlier this week, government watchdog Accountable.US released a damning new report detailing the patent exploitation tactics used by the manufacturers of the first 10 drugs subject to Medicare negotiation. [READ THE FULL REPORT].
Today’s announcement follows recent national polling showing strong support for the Biden-Harris administration’s efforts to lower prescription drug prices and stand up to big drug companies.
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