The negotiations with drugmakers are projected to save older adults $1.5 billion in out-of-pocket costs when the new prices go into effect in 2026.

The negotiations with drugmakers are projected to save older adults $1.5 billion in out-of-pocket costs when the new prices go into effect in 2026.

The Biden administration said Thursday that it had reached an agreement with drugmakers to lower prices on the 10 costliest prescription drugs under Medicare.

It’s part of the federal government’s first-ever drug pricing negotiations, a cost reduction it claims could help ease the financial burden on the estimated 1 in 7 older adults in the U.S. struggling to pay for their medications.