Health Affairs December 14, 2022
The Inflation Reduction Act (“IRA”), signed by President Biden on August 16, 2022, is the most substantial drug payment and coverage legislation enacted since the Medicare Modernization Act of 2003, which created Medicare Part D and made important changes to the way physician-administered drugs are reimbursed in Medicare Part B. Due to the budget reconciliation process requiring a direct impact on the Federal budget or revenue, provisions related to commercial markets were struck from the final version of the IRA, and thus its drug pricing provisions pertain directly only to Medicare. But the law’s effects will extend system-wide because of the sheer size of Medicare as a health purchaser and because of the relationship its pricing requirements have with other...
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