Health Affairs August 10, 2022
On Sunday, the Senate passed the Inflation Reduction Act (IRA) of 2022, which includes comprehensive reforms to Medicare drug pricing policy. The House is expected to take up the legislation on Friday. The Senate approved the IRA on a 51-50 party-line vote, with Vice President Kamala Harris casting the tie-breaking vote. Only a simple majority (rather than 60 votes) was needed because the IRA moved through the budget reconciliation process, which carries a set of rules and limitations.
The IRA’s drug pricing reforms include Medicare drug price negotiation, Medicare inflationary rebates, and Medicare Part D redesign; together they represent the achievement of policy goals sought by Democrats for decades. At the same time, the IRA’s drug pricing reforms are narrower...
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