Medicare

The negotiated price cuts won’t take effect until 2026, but a $2,000 annual cap on out-of-pocket prescription drug costs begins for all Medicare Part D enrollees next year.

The Biden administration announced Thursday that the prices of 10 popular, and expensive, drugs would be cut for Medicare Part D enrollees beginning January 2026.

The Biden administration is taking a victory lap after federal officials inked deals with drug companies to lower the price for 10 of Medicare’s most costliest drugs.

The vote, by the Ways and Means Committee, is one of the first steps needed to reverse a more than two decades-old ban prohibiting the government from paying for the drugs.