What Patients Need to Know
About the Inflation Reduction Act’s Healthcare Provisions
How Government Price-Setting Hurts Patients
Enacted in 2022, the Inflation Reduction Act (IRA) jeopardizes drug development and patient access to critical treatments, notably through its Medicare “price negotiation” provision, which is effectively government price-setting. Europe’s experience with similar policies led to a collapse in drug development and worse health outcomes including significantly higher cancer mortality rates. Consequently, numerous patient advocacy groups are opposing the implementation of government price-setting in the U.S.
Latest News
Biden’s Inflation Reduction Act Unravels Medicare Part D
In May, Medicare bureaucrats released new guidance that details how they’ll conduct the drug pricing “negotiations” authorized by the 2022 Inflation Reduction Act. They’re mostly maintaining the policies in last year’s inaugural round of price setting—which means the quality of seniors’ Medicare Part D coverage will continue to deteriorate.
Here are four reasons Medicare drug-price “negotiation” in NJ isn’t truly a negotiation.
Under the Inflation Reduction Act, the federal government received new authority to start “negotiating” the price of prescription drugs in Medicare. The Centers for Medicare & Medicaid Services began its Drug Price Negotiation Program with ten drugs this year. The program will expand annually, reaching 20 new drugs each year starting in 2029.
But the IRA’s terminology isn’t right. The process won’t be a “negotiation” at all. I’ve been at the table in drug price negotiations between manufacturers and payers, and this is nothing of the kind. Rather, the framework the IRA sets out gives CMS price-setting power, whether drug makers like it or not.
How IRA Price Setting Disccourages Biosimilar Development
The Inflation Reduction Act’s First Potential Impact on Biosimilars
In Shocking Reversal, CMS Wants to Allow Medicare Part D Plan Sponsors to Substitute Non-Interchangeable Biosimilars
Medicare Price “Negotiations” Will Jeopardize Patient Access to New Medicines, Result in Worse Health Outcomes
Medicare Drug Price Negotiation Program Guidance
The Inflation Reduction Act – Implications for Biopharma Companies and Patients
“ASBM fears that the downstream effects of broad government price setting will ultimately reduce consumers’ choice of plans and formularies in Part D—aspects considered to be hallmarks of the program.”
In the NEws
Resources
Learn more about IRA price controls and spread the word with these print and digital materials.
Emerging Value in Oncology
July 2023
How ongoing research expands the benefits of oncology medicines
Lilly Sidelined Three Drugs Due To IRA, CEO Ricks Says
Eli Lilly & Co. CEO David Ricks highlighted how Medicare drug price negotiation policies are already impacting R&D investment during a J.P. Morgan investor call.
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Media
KOL Conversation: The Impact of the IRA on Oncology Patient Care
Features an interview with Dr. Barbara L. McAneny, MD, FASCO, MACP Former President for the American Medical Association and the New Mexico Medical Society (NMMS); and currently CEO, New Mexico Cancer Center.
With Dr. Steve Potts CEO, Anticipate Bioscience
May 26, 2023