Explaining the Prescription Drug Provisions in the Inflation Reduction Act

(By Juliette Cubanski, Tricia Neuman, and Meredith Freed for Kaiser Family Foundation Published: Sep 22, 2022)

The Inflation Reduction Act of 2022, signed into law by President Biden on August 16, 2022, includes several provisions to lower prescription drug costs for people with Medicare and reduce drug spending by the federal government. This legislation has taken shape amidst strong bipartisan, public support for the government to address high and rising drug prices. CBO estimates that the drug pricing provisions in the reconciliation bill will reduce the federal deficit by $237 billion over 10 years (2022-2031). Continue reading here…

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