In September, the federal government unveiled a list of the first 10 drugs that will undergo price negotiations between Medicare and pharmaceutical companies. Notably, four of these drugs are diabetes medications.
New prices for these medicines will be announced in September 2024 and new prices will take effect on January 1, 2026, unless pharmaceutical companies challenging the law in court prevail.
This negotiation list is the result of the Inflation Reduction Act, which President Biden enacted last year. This law included a provision requiring the government to begin negotiating a fair market price for widely used drugs. The Endocrine Society worked with Congress and the administration to pass this law, and we have since advocated for insulin inclusion on the negotiation list.
The Inflation Reduction Act included other provisions that would improve insulin affordability for Medicare beneficiaries, including a $35 monthly cap on insulin costs. However, insulin remains unaffordable to the millions of people with diabetes who have private insurance.
The Endocrine Society continues to urge Congress to pass legislation that will address insulin affordability for these patients. You can see our position statement for further information.