Health Affairs September 11, 2023
The Inflation Reduction Act (IRA) of 2022 included prescription drug provisions that, among other things, allow the federal government to begin to negotiate prices for some drugs covered under Medicare and to receive rebates when drug price increases for Medicare patients exceed inflation. Despite the bipartisan public support for greater regulation of prescription drug pricing, and the relatively modest reach of the provisions, the pharmaceutical industry has been determined to overturn these reforms. The day after the Senate passed the IRA legislation, the industry group BIO stated the legislation “would kill innovation.” Even before Medicare decided which drugs will be subject to negotiation, there were nearly half a dozen lawsuits challenging the IRA. Merck and Bristol Myers Squibb were among...
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