Lexology August 9, 2022
On August 7, 2022, the U.S. Senate passed the Inflation Reduction Act of 2022,[1] which includes some of the most significant drug pricing-related changes since the passage of the Medicare Prescription Drug Improvement and Modernization Act of 2003. The legislation is expected to pass without modification by the House of Representatives and to be signed by President Biden shortly thereafter.
The healthcare-related portions of the bill introduce many important changes, most notably allowing the Medicare program to negotiate with pharmaceutical companies for reduced prescription drug prices under Medicare Part B and Medicare Part D (commonly known as the Prescription Drug Benefit for America’s senior population) for certain single-source drugs, or rather those drugs and biologicals without generic or biosimilar competitors....
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