Eliquis’s New Lower Direct-to-Consumer Price is Still Higher Than Medicare’s Negotiated Price

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Just over two months out from the Trump administration’s executive order related to “most-favored nation” prescription drug pricing and ongoing pressure on the pharmaceutical industry to lower drug prices, Bristol Myers Squibb and Pfizer have just announced a voluntary program to provide their frequently used blood thinner Eliquis directly to cash-paying patients for a discounted price of $346 per month, a 43% discount off the list price of $606. The drug company’s coupon that makes the drug available for a $10 monthly copay can only be used by people with commercial insurance, not people with public coverage or who are uninsured. While the $346 discounted price may represent valuable savings for people who currently pay the higher list price for Eliquis, including people under age 65 who are uninsured or in high-deductible insurance plans, it far exceeds the lower price that will soon be available in Medicare and the average price paid by other countries comparable to the U.S.

The $346 direct-to-consumer price is 50% higher than the $231 price that Medicare negotiated for Eliquis during the first round of negotiation in Medicare’s new drug price negotiation program. This is the maximum price that will be paid in 2026 under Medicare’s Part D prescription drug benefit, but people with Medicare Part D coverage are likely to pay just a fraction of this amount. In 2023, the median monthly copayment for Eliquis for Medicare Part D enrollees was $47, 86% lower than the $346 direct-to-consumer price. That amount is also substantially higher than the international price for Eliquis averaged across 11 comparable countries, which KFF analysis estimated at $76 for a 30-day supply in 2024 – or 78% less than the direct-to-consumer price.

Voluntary efforts by drug companies to lower prices on selected medications, such as this new discounted price for Eliquis and previous price reductions on certain insulin products, could expand access to lower-priced drugs for some patients, but are not likely to improve prescription drug affordability in the U.S. on a widespread basis.