Local leaders spotlight negotiations to bring down medication prices
MIAMI - Local leaders are emphasizing how the Biden administration is negotiating with drug manufacturers to bring down the price of widely used medications under Medicare and the impact it will have on people living in Florida.
"Anytime I've had a doctor change my treatment, it terrifies me because I know it's about to come to a fight first. The fight to beg the insurance company to allow me to have this medication, so I can have a decent quality of life," said Julie Kennedy.
Kennedy, a South Florida resident who suffers from Crohn's disease, is one of hundreds of thousands of patients in the U.S. struggling to pay for her life-saving medication.
"Along with suffering from an incurable disease, I've suffered from the unaffordable cost that comes with having the disease the streamers that we have are incredible, but they are not accessible," said Kennedy.
But now, there is relief in sight.
On Thursday, the White House announced agreements with drug manufacturers to bring down the price for ten widely used medications.
The Medicare Negotiation Program marks the first time the federal government has haggled with drugmakers.
"We know too well with our residents. Especially, our most vulnerable or seniors who are Medicare recipients that they depend on their Medicare benefits to be able to have a quality of life," said Mayor Wayne Messam of Miramar.
On Friday, Messam held a community event to explain to his constituents just how much this can impact them.
"Nearly 700,000 Floridians that are receiving these benefits and on average they're saving $400-600 a month and then on top of that in 2025, the cap for out-of-pocket prescription costs will be capped at $2,000," said Messam.
The price reduction applies to the ten most popular and expensive drugs that people on Medicare take, including names like Eliquis, Xarelto, and Stelara.
These ten drugs cover conditions like diabetes, heart failure, cancer and Crohn's.
These are welcomed news not only for patients like Julie but also for pharmacists.
"One of the heartbreaking challenges we are faced with is observing our patients have to choose whether to pick up a medication or not," said pharmacist Saskia Madison.
To give you an idea of how much prices will come down, a 30-day supply of Xarelto, which treats rapid heart rate, will go from $517 to $197.
These prices will go into effect on January 1, 2026, and the administration will announce the next 15 drugs selected for negotiation by February 1, 2025