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On Tuesday, the Biden administration announced the first 10 drugs selected for Medicare price negotiations. As part of the Inflation Reduction Act passed last year, Medicare gained the ability to negotiate lower prices with drug companies for the first time, and these 10 medicines – including Eliquis, Jardiance, Xarelto, and more – are just the beginning of what could be subject to lower costs for consumers.
CivicScience gauged the potential impact among Americans, and especially U.S. adults aged 55 and older – the age bracket most directly impacted by changes to Medicare. Excluding those who aren’t sure yet, 56% of all adults claim they’ll be at least ‘somewhat impacted’ by Medicare being able to negotiate lower drug prices (with 21% claiming to be ‘very impacted’).
But zeroing in on older Americans, both percentages jump slightly among the 55+ set. Twenty-six percent of this age group claim they’ll be ‘very impacted,’ with 67% at least ‘somewhat impacted.’ Although these moves are currently aimed at Medicare beneficiaries, the percentages are close enough that Americans see the impacts rippling out beyond just Medicare.
Among 55-and-older adults with a household income under $50,000, those percentages rise even further to 31% claiming they’ll be ‘very impacted’ and 71% at least ‘somewhat impacted.’ These figures are nearly identical for adults in this age bracket earning between $50,000-$100,000 annually (with 71% at least ‘somewhat impacted’).
Perhaps given the move’s association with President Biden’s Inflation Reduction Act, the expected impact varies between parties. Registered Democrats are more likely to say they’ll be ‘very impacted’ (25%) or at least ‘somewhat impacted’ (63%) than Republicans (18% and 27%, respectively). Independent voters are closer to Democrats’ expectations for Medicare negotiations.
Curious to know more about how changes to Medicare might impact your business? Book a meeting with CivicScience today to stay ahead of the latest trends.
