Bristol Myers Squibb, Pfizer to sell blockbuster blood thinner Eliquis at 40% discount
The move comes as the Trump administration ramps up pressure on the pharmaceutical industry to cut drug prices, and threatens to impose sweeping tariffs on pharmaceuticals imported into the U.S.
The companies' new effort would bypass traditional middlemen, including pharmacy benefit managers and insurers, to cut the drug's monthly cost from a list price of around $606 to $346. Starting Sept. 8, uninsured, underinsured and self-pay patients will be able to purchase the medicine directly from the Eliquis 360 Support program, which will ship their prescriptions directly to their homes.
But the discounted price of Eliquis is still more than nine times the average monthly out-of-pocket cost of $38 paid by patients who are commercially insured. The price under the new program is also significantly higher than the $231 per month price that Medicare negotiated under a provision of the Biden administration's Inflation Reduction Act. That negotiated price is set to take effect next year.
The negotiated price is what Medicare will pay for Eliquis, and does not set what Medicare patients will pay for the drug now or in the future, Bristol Myers Squibb and Pfizer said in a joint statement. They added that the negotiated price does not reflect "the substantial clinical and economic value of this essential medicine."
More than 90% of Eliquis prescriptions in the U.S. are currently covered through insurance. But Bristol Myers Squibb and Pfizer said the new effort aims to expand access to the treatment, reduce out-of-pocket costs for patient and provide transparent pricing for a different group of patients.
"This program passes more savings directly to patients and demonstrates our continued focus on identifying innovative solutions that foster the best outcomes for each individual while prioritizing access to care," said Bristol Myers Squibb CEO Chris Boerner.
In a note on Thursday, Leerink Partners analyst David Risinger said he believes the move came in response to Trump's plan to lower U.S. drug costs by linking prices to those paid in other developed countries. The president signed an executive order on that plan in May.
Risinger said the drugmakers already offer hefty rebates on Eliquis to pharmacy benefit managers, so the firm does not expect the program to create a "net pricing headwind" for Bristol Myers Squibb and Pfizer.
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