After several failed legislative efforts over the past decade, in August 2022, Congress enacted prescription drug pricing reforms as part of the Inflation Reduction Act.1 The law includes the most profound policy changes to prescription drug pricing since outpatient prescription drug coverage was introduced to Medicare (Part D) in 2003, including by allowing Medicare to directly negotiate prices for certain drugs, limiting price increases, and reducing out-of-pocket costs for Part D beneficiaries. The Congressional Budget Office initially estimated that these provisions would save the federal government $288 billion over 10 years.2
Hwang TJ, Kesselheim AS, Rome BN. New Reforms to Prescription Drug Pricing in the US: Opportunities and Challenges. JAMA. 2022;328(11):1041–1042. doi:10.1001/jama.2022.15268
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