If you take Eliquis, Jardiance, or one of eight other brand-name drugs, Medicare just negotiated a lower price on it for 2026, the first time in the program's history it has been allowed to. These 10 Medicare negotiated drug prices, called Maximum Fair Prices, are 38% to 79% below the drugs' 2023 list prices and take effect January 1, 2026. Below is the full list, plus why a lower list price doesn't automatically shrink your bill at the pharmacy.

In This Guide

What Are Medicare's Negotiated Drug Prices?

For most of Medicare's history, the law flatly barred it from negotiating what it paid for prescription drugs. The Inflation Reduction Act of 2022 changed that. It gave Medicare, working through the Centers for Medicare & Medicaid Services (CMS), the power to pick a handful of the drugs it spends the most on and negotiate a single nationwide price for each one.

That price has a name: the Maximum Fair Price, or MFP. Through the Medicare Drug Price Negotiation Program, CMS announced the first 10 MFPs on August 15, 2024, and they take effect January 1, 2026. Across all 10 drugs, the negotiated prices land 38% to 79% below what those drugs listed for in 2023.

Medicare's 10 Negotiated Drug Prices for 2026

Here's every drug on the first list, with its 2026 negotiated 30-day price next to what it listed for in 2023.

Drug 2023 list price 2026 negotiated price Discount
Januvia $527 $113 79%
NovoLog (insulin) $495 $119 76%
Jardiance $573 $197 66%
Stelara $13,836 $4,695 66%
Xarelto $517 $197 62%
Eliquis $521 $231 56%
Entresto $628 $295 53%
Imbruvica $14,934 $9,319 38%

Farxiga and Enbrel complete the list of 10. The biggest dollar drops belong to the two specialty drugs: Stelara falls by more than $9,000 for a 30-day supply, and Imbruvica by more than $5,000.

Why Your Pharmacy Bill Might Not Drop as Much

So does your copay fall 38% to 79% too? Not necessarily.

The Maximum Fair Price is what the drug itself costs Medicare and your plan. What you hand over at the pharmacy counter is a separate number, set by your Part D plan's benefit design: its deductible, which tier the drug sits on, and whether you owe a flat copay or a percentage of the price. That's true whether your drug coverage comes from a standalone Part D plan or a Medicare Advantage plan that includes drugs.

A lower negotiated price still helps most where you pay coinsurance, meaning a percentage of the drug's cost, because that percentage now comes off a smaller number. If you pay a flat copay for the drug, your out-of-pocket amount may not move at all even though the underlying price did. To see how your share gets calculated across the year, read our guide to how Medicare Part D works. And if the problem is the timing of a big bill rather than its size, the Medicare Prescription Payment Plan lets you spread Part D costs across the year instead of paying them all at once; our guide walks through how the payment plan works.

Who These New Prices Help

About 8.8 million people with Part D coverage filled at least one of these 10 drugs in 2023. That's a big group, because the list is stacked with some of the most widely used brand-name drugs in the program, from blood thinners to diabetes and heart medications.

If one of your prescriptions is on the list, the negotiated price is built into what your Part D plan pays for it starting in 2026. There's no separate program to join; the price applies at the plan level.

Frequently Asked Questions

What are the 10 Medicare negotiated drug prices for 2026?

The 10 drugs are Eliquis, Jardiance, Xarelto, Januvia, Entresto, Stelara, Imbruvica, NovoLog insulin, Farxiga, and Enbrel. The full price-by-price breakdown is in the table above.

When do the new Medicare drug prices take effect?

January 1, 2026. CMS announced the negotiated prices back on August 15, 2024, but they don't change what your plan pays until the 2026 plan year begins.

Will my copay go down by the same amount?

Not automatically. The negotiated Maximum Fair Price lowers what the drug costs Medicare and your plan, but your out-of-pocket cost is set by your plan's deductible and cost-sharing. If you pay coinsurance, a smaller drug price can mean a smaller share; if you pay a flat copay, it may not change.

How much lower are the negotiated prices?

Between 38% and 79% below each drug's 2023 list price. The steepest cut is Januvia at 79%; the smallest is Imbruvica at 38%.

Learn More

MedicareHow Medicare Part D Works in 2026Medicare Part D in 2026: a $2,100 out-of-pocket cap, no donut hole, three benefit phases, the $615 deductible, premiums, the late penalty, and Extra Help. MedicareThe Medicare Part D Coverage Gap: The Donut Hole in 2026The Medicare Part D coverage gap, the donut hole, is effectively gone in 2026. A $2,100 out-of-pocket cap now limits what you pay for covered drugs. Here's how. MedicareThe Medicare Prescription Payment Plan (M3P)The Medicare Prescription Payment Plan (M3P) spreads your 2026 Part D drug costs into monthly bills. It smooths the timing but does not lower what you pay.

Find personalized help figuring out whether Medicare has negotiated a lower price on your prescriptions at brevy.com.

The information on Brevy.com is for educational purposes only and is not a substitute for professional legal, financial, or medical advice. Rules vary by state and program and change frequently. Always verify with the relevant agency or a qualified professional. Brevy is not a law firm, financial advisor, or healthcare provider.

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