Lexology August 22, 2022
On August 16, 2022, President Biden signed into federal law the Inflation Reduction Act (IRA), which, among other priorities for the Biden administration, addresses prescription drug costs and drug prices in the Medicare program.[1]
Specifically, the provisions provide new federal authority for the federal government to negotiate pricing for certain Medicare Part D and Medicare Part B drugs. Other notable provisions create new caps on out-of-pocket spending for drugs in Part D, including for insulin and adult vaccines; provide penalties for prices of Part B or D drugs that increase faster than inflation; increase Part B reimbursement rates for biosimilars; and extend the moratorium on the U.S. Department of Health & Human Services (HHS) Office of Inspector General’s rebate rule...
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