Resources: Savings Under the New Prescription Drug Law

The Biden-Harris Administration has made expanding access to health insurance and lowering health care costs for America’s families a top priority. The Centers for Medicare & Medicaid Services has many resources to help you and people with Medicare understand how and when changes will happen as a result of the new prescription drug law.

Materials for People with Medicare

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We’ve also got resources to help those who assist people with Medicare understand which elements of the prescription drug law are already in effect and when others will be implemented.

Key dates for drug price negotiation implementation include:

  • By September 1, 2023, CMS will publish the first 10 Medicare Part D drugs selected for the Medicare Drug Price Negotiation Program.
  • The negotiated maximum fair prices for these drugs will be announced by September 1, 2024 and prices will be in effect starting January 1, 2026.

In future years, CMS will select for negotiation 15 more Part D drugs for 2027, 15 more Part B or Part D drugs for 2028, and 20 more Part B or Part D drugs for each year after that, as outlined in the Inflation Reduction Act.