The Inflation Reduction Act (IRA) and Its Broader Impact on Innovation, Access, and Affordability in Healthcare

Policy & Medicine October 18, 2024
Thomas Sullivan

On October 8, 2024, PhRMA held a media briefing to address growing concerns over the Inflation Reduction Act (IRA) and its effects on the biopharmaceutical industry, Medicare Part D beneficiaries, and future drug innovations. Leading the discussion were Steve Ubl, President and CEO of PhRMA; Daniel O’Day, Chairman and CEO of Gilead Sciences; Robert Davis, Chairman and CEO of Merck; Sue Peschin, President and CEO of the Alliance for Aging Research; and Ted Okon, Executive Director of the Community Oncology Alliance. Together, these industry leaders provided critical insights into how the IRA may reduce access to medications for seniors while simultaneously undermining long-term biopharmaceutical innovation.

Impact on Medicare Part D: Less Access, Higher Costs

Steve Ubl opened the briefing by...

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