25 Top Medicare Part D Drugs Have Nearly Doubled in Price

Soaring costs for vital prescriptions can result in big bills at the pharmacy counter

Rachel Nania,

AARP

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Published January 09, 2025

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The prices for 25 prescription drugs that Medicare’s Part D spends the most on have nearly doubled since they first became available an average of 11 years ago, a new report from AARP finds.

The price tags of these brand-name prescriptions have increased by an average of 98 percent since entering the market, and the vast majority of the price increases have exceeded the annual rate of inflation, according to an analysis of Medicare data conducted by AARP’s Public Policy Institute.

The 25 medications, which do not include the 10 popular drugs already selected for the first round of Medicare price negotiation, are used by more than 7 million enrollees to treat conditions such as diabetes, cancer and chronic lung disease, and were responsible for nearly $50 billion in total Part D spending in 2022.

“Brand-name drug prices have been increasing faster than the rate of general inflation for decades, putting life-saving medications out of reach for millions of patients who need them,” Leigh Purvis, author of the report and AARP’s prescription drug policy principal, said in a statement.

It’s important to note that these hikes typically build on already high launch prices. According to AARP’s report, released Jan. 9, the median price of a new brand-name prescription drug is reportedly an estimated $300,000 per year.

Top 25 Medicare Part D drugs not currently selected for Medicare drug price negotiation

Brand-name drugs with the highest total Medicare Part D spending in 2022

Trulicity (diabetes)
Ozempic (diabetes)
Trelegy Ellipta (COPD, asthma)
Biktarvy (HIV)
Xtandi (cancer)
Humalog (diabetes)
Ibrance (cancer)
Jakafi (cancer)
Ofev (pulmonary fibrosis)
Pomalyst (cancer)
Levemir (diabetes)
Tresiba (diabetes)
Linzess (irritable bowel syndrome with constipation)
Victoza (diabetes)
Breo Ellipta (COPD, asthma)
Tradjenta (diabetes)
Creon (exocrine pancreatic insufficiency)
Ingrezza (tardive dyskinesia)
Janumet (diabetes)
Calquence (cancer)
Tagrisso (cancer)
Epclusa (hepatitis C)
Xifaxan (gastrointestinal conditions)
Vyndamax (cardiomyopathy)
Cabometyx (cancer)

Nearly 90 percent of adults 65 and older rely on prescription medications, according to a recent report from the Centers for Disease Control and Prevention (CDC), but mounting research shows that many Americans struggle to afford them.

A 2023 report published in JAMA Network Open found that a significant share of older adults adopt cost-coping strategies — such as skipping medication doses or delaying prescription refills — to save money on their drugs. And a 2024 survey from AARP found that nearly half of adults ages 50-plus have skipped filling their prescriptions — or know someone who has — due to cost.

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People with Medicare Part D plans shoulder a share of the cost of their prescription drugs. Under the standard Part D benefit, enrollees are responsible for 25 percent of their drug costs from the time they reach the deductible until their out-of-pocket expenses on covered medications reach $2,000 — a new cap that went into effect Jan. 1. This out-of-pocket ceiling, championed by AARP, is expected to help millions of older adults save money on their prescription drugs going forward.

Rx law helps keep prices in check

The new $2,000 out-of-pocket spending cap and other provisions in the 2022 prescription drug law address high prescription drug prices and drug price increases. For example, as part of the law, drug companies are required to pay a penalty to Medicare when they increase the prices of their medications faster than the rate of inflation.

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The AARP-backed law also allows Medicare to select drugs based on certain criteria and negotiate their prices. Negotiations for the first batch of 10 drugs that were selected are expected to save Medicare an estimated $6 billion and Medicare enrollees another $1.5 billion in 2026 when the negotiated prices take effect, according to the U.S. Department of Health and Human Services. These 10 widely used medications are:

Eliquis (blood thinner)
Jardiance (diabetes, heart failure, chronic kidney disease)
Xarelto (blood thinner)
Januvia (diabetes)
Farxiga (diabetes, heart failure, chronic kidney disease)
Entresto (heart failure)
Enbrel (rheumatoid arthritis, psoriasis, psoriatic arthritis)
Imbruvica (blood cancers)
Stelara (psoriasis, psoriatic arthritis, Crohn's disease, ulcerative colitis)
NovoLog/Fiasp (diabetes)

Health officials will select up to 15 more drugs covered under Part D for negotiation by Feb. 1, and will select additional drugs every year following.

These new rules will help moderate prescription drug practices that have been putting prescription drugs further out of reach for many Americans, Purvis writes. She adds that her findings highlight the importance of the provisions in the 2022 law that address drug prices, since “increased drug costs — if left unchecked — will prompt more older Americans to stop taking necessary medications, thus leading to poorer health outcomes and higher health care costs in the future.”