U.S. Announces Historic Prescription Drug Price Cuts

The U.S. finalized negotiations to reduce the prices of 10 expensive prescription drugs, including Merck's Januvia, which saw a price cut of 79%. This Medicare program serves 66 million elderly and disabled Americans.

The U.S. made history on Thursday by announcing the final prices from its inaugural negotiating session over prescription drugs, achieving significant reductions.

Merck's diabetes medication, Januvia, experienced the most dramatic cut at 79%. This negotiation targeted 10 of the costliest drugs included in Medicare's coverage, which aids 66 million seniors and disabled individuals.

Among the drugs affected are notable names like blood thinner Eliquis, manufactured by Bristol Myers Squibb and Pfizer, alongside Merck & Co.'s Januvia.

(With inputs from agencies.)