New Mexicans could be saving a lot of money on prescription drugs in 2026

The Biden-Harris Administration announced Thursday they would be lowering prescription drug costs for 10 of the most popular medications for America’s seniors.

The administration inked deals with pharmaceutical companies to knock down the lists prices for 10 of Medicare’s costliest drugs. Taxpayers are expected to save billions after the move.

List prices will be reduced by hundreds — in some cases, thousands — of dollars for 30-day supplies of popular drugs used by millions of people on Medicare, including blood thinners, diabetes drugs and blood cancer medications. The reductions, which range between 38% and 79%, will take effect in 2026.

Here’s how some local elected leaders reacted to the announcement:

U.S. Rep. Melanie Stansbury

“In New Mexico, we take care of our elders - full stop. That is why the continued fight by President Biden to take on Big Pharma and to lower the costs of life-saving medication has been so important, and I’m grateful for his work. The more than 46,000 New Mexicans on Medicare will not have to worry about affording medication when they go to the pharmacy. Thank you, President Biden, for fighting for ways to make life better for all Americans!”

U.S. Sen. Martin Heinrich

“I fought to pass the Inflation Reduction Act to lower prescription drug costs, save New Mexicans money and ensure a healthy climate for our kids. Our bill paved the way for developments like this, giving relief for millions who rely on these prescriptions. Democrats deliver.”

New Mexico by the numbers

More than $18 million in expected savings for about 110,000 Medicare Part D enrollees in New Mexico.

There are more than 46,000 Medicare enrollees in New Mexico who take drugs selected for negotiation including:

• 24,000 take Eliquis or Xarelto, cardiovascular drugs to prevent blood clots.
• 14,000 take the Type 2 Diabetes medications Jardiance, Januvia or Farxiga.
• 1,800 take Entresto to treat heart failure or other cardiovascular conditions.
• About 9,000 Medicare enrollees in New Mexico who use insulin could have an average savings of $443 per year.
• Approximately 342,000 Medicare Part D enrollees in New Mexico can receive free recommended preventive vaccines.