If you take Eliquis, Jardiance, or one of eight other brand-name drugs, Medicare negotiated a lower price on it, and that price took effect January 1, 2026. These 10 Medicare negotiated drug prices, called Maximum Fair Prices, are 38% to 79% below the drugs' 2023 list prices. 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?

The Inflation Reduction Act of 2022 gave Medicare a new way to set drug prices. It lets Medicare, working through the Centers for Medicare & Medicaid Services (CMS), pick certain drugs 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 took 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 are all 10 drugs, with each one's 2026 negotiated 30-day price next to what it listed for in 2023. "List price" here means the drug's wholesale acquisition cost, a sticker price before rebates, so it isn't what any plan actually paid. These are the launch prices for 2026; CMS raises each one in later years by the annual change in the consumer price index (CPI-U).

Drug 2023 list price 2026 negotiated price Discount
Januvia $527 $113 79%
NovoLog (insulin) $495 $119 76%
Farxiga $556 $178.50 68%
Enbrel $7,106 $2,355 67%
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%

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. The most widely used drug on the list is Eliquis, which about 3.9 million people with Part D filled in 2023.

Why Your Pharmacy Bill Might Not Drop as Much

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

The Maximum Fair Price lowers the drug's price. It doesn't automatically lower your copay. 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 stay the same even though the underlying price dropped. 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 9 million people with Medicare filled at least one of these 10 drugs in 2023. That's a big group, because the list covers blood thinners, diabetes drugs and heart medications.

If one of your prescriptions is on the list, you don't have to sign up for anything. The law requires Medicare drug plans, including standalone Part D plans and Medicare Advantage plans with drug coverage, to keep these drugs on their formularies, and the drug company has to make the negotiated price available to you and to the pharmacies that dispense the drug. CMS projects that people with Medicare drug coverage will save about $1.5 billion in 2026 from the negotiated prices alone, on top of savings from other Inflation Reduction Act changes like the cap on out-of-pocket drug costs.

What to Do Now

  1. Check whether your drug is one of the 10 above.
  2. Look up the drug on your plan's formulary, or compare plans with the Medicare Plan Finder, to see its tier and your cost-sharing.
  3. If your bill at the pharmacy doesn't look right, call your plan first, using the number on your member ID card. For anything the plan can't resolve, call 1-800-MEDICARE (1-800-633-4227), open 24 hours a day, 7 days a week.

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. Prices for all of them are in the table above.

When do the new Medicare drug prices take effect?

January 1, 2026. CMS announced the negotiated prices on August 15, 2024, and they began applying with the 2026 plan year.

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%. Prices are for a 30-day supply and compare against 2023 list prices.

Learn More

MedicareHow Medicare Part D WorksMedicare Part D in 2026 and 2027: the $2,100 out-of-pocket cap rising to $2,400, the $615 and $700 deductibles, premiums, the late penalty, and Extra Help. MedicareThe Medicare Part D Out-of-Pocket Cap, ExplainedYes, there's a Medicare Part D out-of-pocket cap on covered drugs: $2,000 in 2025, $2,100 in 2026 and $2,400 in 2027. Here's how it works and when you hit it. MedicareThe Medicare Part D Coverage Gap: Where the Donut Hole WentThe 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. MedicareHow the Medicare Prescription Payment Plan WorksThe 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. MedicareMedicare's Insulin Cost CapYes. Under the Inflation Reduction Act, Medicare caps each covered insulin at $35 for a one-month supply, and the Part D deductible doesn't apply. Here's how.

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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