Great News: These 8 Drugs Should See a Huge Drop in Prices Over the Next Few Years

Prescription medication is a necessity for many people over age 65, but it’s an expensive necessity. A 2024 study from the Centers for Disease Control and Prevention found that nine in 10 use prescription medications, but they say the meds are not always affordable.

One in five older adults lack insurance coverage to help them pay for prescriptions, the CDC study found. Because of that, some seniors say they skip or delay prescription refills, which can wreak havoc on health, especially for chronic diseases such as diabetes.

And while the Inflation Reduction Act of 2022 set a cap of $2,000 on out-of-pocket prescription drugs covered under the Medicare outpatient drug benefit, that’s still a lot of money for seniors on a fixed income.

That’s why it’s great to hear that some drug prices should be going down soon. Eight prescription drugs have patents that will expire within the next few years, which generally leads to a steep drop in pricing.

Why Will These Drugs Decrease in Cost?

Pharmaceutical companies can obtain fixed-term patents on new drugs. However, once those patents expire, the meds become open game.

With the original drug company’s monopoly gone, it suddenly faces competition. Any manufacturer can make a generic version of the drug and sell it for less to gain new business. The U.S. Food and Drug Administration has found that consumers save billions of dollars when drugs become generic.

Wholesale prices for drugs fall by 39% after a patent expires and generic versions are sold.

New Generics Coming on the Market

Here are the eight medications that will be getting generic versions within the next few years.

1. Keytruda

The world’s bestselling drug in 2024, Keytruda is used to treat cancer. Manufacturer Merck made $29.5 billion on the drug last year.

2. Eliquis

The bestselling medication for Bristol Myers Squibb is a blood thinner called Eliquis that will go generic next year. A lot of seniors use the medicine after being diagnosed with atrial fibrillation, a common condition in those over 65. Pricing on it has come down for Medicare recipients due to recent negotiations, though.

3. Xarelto

Johnson & Johnson and Bayer’s Xarelto is also a blood thinner, and the FDA just approved the first generic version in April.

4. Ozempic

Probably the most-watched drug on the market over the past few years, diabetes medication Ozempic from Novo Nordisk is better known as a miracle weight loss drug. Its patent won’t expire until 2032 — but Medicare price negotiations over the drug will take place this year, paving the way for lower prices for seniors.

5. Trulicity

Before there was Ozempic, there was Eli Lilly’s Trulicity, which controls blood sugar levels for diabetes patients. It currently sells for almost $1,000 for a month’s supply, and it will go generic in 2027.

6. Ibrance

Also with a patent expiring in 2027, Pfizer’s Ibrance is a very effective drug used to treat breast cancer. It was also one of the most expensive — a course of treatment with 21 pills costs $15,000.

7. Farxiga

AstroZenica’s Farxiga has a patent expiring this year. It is commonly used to treat type 2 diabetes, a condition nearly a third of those over 65 suffer from.

8. Opdivo

This one is farthest on the horizon — Bristol Myers Squibb-Ono Pharmaceutical’s Opdivo will lose its patent in 2028. It is used to treat melanoma and made $9.3 billion last year.

If you have questions about Medicare prescription drug benefits, get in touch with Jay today. He will be happy to help!