Summary:
September 15 marks the beginning of Hispanic Heritage Month, an annual celebration of Hispanic history and culture. More than 65 million Americans identify as Hispanic and the Biden-Harris Administration is committed to ensuring that our Hispanic communities have the tools and support they need to live healthy and fulfilling lives.
As the Regional Director overseeing the Southwest and Pacific at the U.S. Department of Health and Human Services (HHS), I see firsthand how the Biden-Harris Administration is lowering prescription drug costs and increasing access to life-saving medications. In August, President Biden and Vice President Harris announced the new, lower prices agreed upon between HHS and participating drug companies for the initial 10 drugs selected for negotiations with Medicare. The new lower prices are expected to lead to $1.5 billion in out-of-pocket savings for people with Medicare, making a significant difference in the lives of Americans. These negotiations were made possible thanks to President Biden’s and Vice President Harris’s historic lower cost prescription drug law, the Inflation Reduction Act. Thanks to the law, people with Medicare are set to benefit from new, lower prices on life-saving drugs that treat diabetes, blood clots, heart failure, cancer, and so much more. Januvia, one of the negotiated drugs which is commonly used to treat diabetes, provides a stark example of why this law is so significant for our Hispanic community on Medicare. It's essential to recognize how the Inflation Reduction Act and Medicare can empower our communities, and I invite you to watch a video PSA that highlights these crucial benefits.
Hispanic people with Medicare have disproportionately higher rates of certain health conditions relative to their non-Hispanic peers, including diabetes. Even though Latinos only account for 10 percent of all Part D enrollees, they represent 16 percent of all beneficiaries who take Januvia. In 2023, the list price of Januvia was $527 for just a 30-day supply. In August, the Biden-Harris Administration announced the negotiated price for the same quantity of Januvia would be $113 – nearly an 80 percent discount from the 2023 list price. That makes a real difference for the 885,000 Medicare Part D enrollees who take Januvia, and helps us make a real step forward in health equity.
Every dollar saved through the new law is vital for seniors who live on fixed incomes. This is, especially true for Hispanic seniors who studies have shown often have significantly less savings than their White non-Hispanic counterparts.
These first 10 drugs with negotiated lower prices are just the start. As required by the Inflation Reduction Act, Medicare will continue to negotiate prices for a new set of drugs every year, with up to 15 new drugs being announced by February 1, 2025. And we’re already seeing the benefits of other parts of the law, including a $35 monthly cap for each covered insulin product and certain recommended vaccines for free like shingles, RSV, Tdap, and others. I’m also excited that, in 2025, there will be a $2,000 cap on what Medicare Part D enrollees have to pay out-of-pocket per year.
This month, I am celebrating the rich Hispanic heritage of our families and neighbors. But even as the Biden-Harris Administration celebrates our histories, achievements, culture, and traditions, we know that the promise of aging with security and dignity is not a reality for everyone. We have a shared responsibility to care for our elders, our families, our communities – no matter what. And until the promise of a secure and healthy retirement is a reality for all of us, the Biden-Harris Administration will continue to work so that everyone can access the care and support they need.
Visit LowerDrugCosts.gov for more information and resources on the Inflation Reduction Act. For information in Spanish, visit MedicamentosBajoPrecio.gov.
