Drugmaker Eli Lilly and Company announced it would significantly reduce the prices of several of its insulin products and cap patient insulin out-of-pocket costs at $35 per month.
Nick Fabrizio, professor of health policy at Cornell University, says this is an opportunity to build on this momentum and look at the top 10 prescription drugs that cost Medicare the most.
“This only furthers the momentum of the Biden Administration. Last year the administration signed a law to cap insulin at $35 for seniors. Eli Lilly is just the first shoe to drop – it started for seniors and now all Americans will benefit.
“The real opportunity here is to build on this momentum and look at the top 10 prescription drugs that cost Medicare the most. For example, Eliquis, manufactured by Bristol Myers Squibb, is a blood thinner for people with atrial fibrillation. Medicare spent $9.9 billion in 2020 and the January 2022 price increase was 6%. There are more than 2,641,941 beneficiaries on this medication.
“A good place to start is to look at the most prescribed medications and the cost the government, insurance companies, and patients are paying for those medications. The hope is that this becomes a follow the leader strategy which would ultimately benefit all Americans.”