Lexology May 23, 2024
The Inflation Reduction Act of 2022 (IRA) was signed into law by President Biden on August 16, 2022, and includes key sections addressing climate and clean energy, corporate taxes and health care. The health care provisions contain significant changes to prescription drug pricing that will have far-reaching, rippling effects on the health care industry and its stakeholders. In addition to a re-fashioning of the Medicare Part D benefit, the IRA fundamentally changes the role of the federal government with respect to drug prices by authorizing the department of Health and Human Services (HHS) for the first time in history to directly “negotiate” drug prices with manufacturers in the United States. While the IRA calls the process a “Price Negotiation,” the...
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