Commonwealth Fund November 29, 2023
Anna Kaltenboeck

TOPLINES

The 2022 Inflation Reduction Act changes how Medicare pays for prescription drugs, which could add momentum to state reform efforts

Lowering prescription drug costs under Medicare’s new drug price negotiation program will likely have mixed results for state and consumer spending

Prescription drug affordability is a perennial issue in the United States. Legislative solutions have been slow to materialize until the 2022 Inflation Reduction Act (IRA), which significantly changes how Medicare pays for prescription drugs. Historically, Medicare has acted as a price taker, paying for drugs at list prices, which are set by manufacturers. Two key IRA reforms will have a direct impact on list prices:

  • The “inflation rebate,” which requires manufacturers to pay Medicare back for any...

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Topics: Biotechnology, CMS, Govt Agencies, Insurance, Medicare, Pharma, Pharma / Biotech
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