Medicare Drug Price Negotiation
Did Eliquis get cheaper in 2026?
Last reviewed: · Big Sioux Benefits Data Desk
Yes, substantially, and the effect is already measurable in Medicare's own claims data. Eliquis received a negotiated price of $231 for a 30-day supply effective January 1, 2026, against a 2023 list price of $521, a 56% reduction. CMS Part D spending data shows the average spent per Eliquis prescription fell from $912.31 across 2025 to $399.01 in the first quarter of 2026.
The qualifier: those two sets of numbers measure different things and should not be subtracted from each other. The $231 is the negotiated price for a 30-day supply. The $912.31 and $399.01 are average spending per claim across all Eliquis prescriptions, which include 90-day fills and vary by dose, so they run higher than a single 30-day price. What the pairing shows is direction and magnitude, and both point the same way.
Eliquis before and after
| Measure | Before | 2026 |
|---|---|---|
| Price basis, 30-day supply | $521.00 list | $231.00 negotiated |
| Average Part D spending per claim | $912.31 (2025) | $399.01 (Q1 2026) |
| Change in spending per claim | Down about 56% | |
| Medicare beneficiaries using it | About 3.9 million | |
| Part D gross covered costs, 2023 | $18.3 billion, the largest of any Part D drug | |
Whether you got cheaper is a separate question from whether the drug did. If your plan charges coinsurance you should see a real reduction; if it charges a flat copay for that tier, your payment may be unchanged even though Medicare is now paying far less. That distinction is worked through in why your copay did not drop, and the full-year math is in how much Eliquis costs with Medicare.
Sources
- CMS — Medicare Drug Price Negotiation Program: Negotiated Prices for Initial Price Applicability Year 2026 — prices effective January 1, 2026; accessed 2026-08-21
- CMS — Medicare Part D Spending by Drug — CY2025 full year and CY2026 Q1 files; accessed 2026-08-21
Related questions
Why is the average per claim higher than the $231 negotiated price?
Because a claim is not always a 30-day supply. Many Eliquis prescriptions are filled as 90-day supplies, and the average also blends doses and dispensing situations. The $231 is a per-30-day price; the per-claim average is a different measure covering a mix of fill sizes.
Will Eliquis get cheaper again in 2027?
Its negotiated price was set for the first cycle, and CMS has published rules for how negotiated prices are renegotiated and updated over time. There is no scheduled additional cut for 2027 arising from the first cycle. Generic apixaban entering the market in volume would change the picture more than anything else.
Drug costs turn on your specific prescriptions, so the arithmetic is worth doing once, properly: book a free, no-pressure conversation, see your county's South Dakota plan lineup, or browse all answers. SHIINE, the state's free counseling program, is at 1-800-536-8197 and sells nothing.
Big Sioux Benefits is a licensed insurance agency, not affiliated with or endorsed by the U.S. government or the federal Medicare program. We do not offer every plan available in your area. Contact Medicare.gov, 1-800-MEDICARE, or SHIINE (South Dakota's SHIP) for all of your options.