FAQs about the Inflation Reduction Act’s Medicare Drug Price Negotiation Program

(By Juliette Cubanski for The Kaiser Family Foundation Published: Aug 20, 2024)

The Inflation Reduction Act of 2022 (the Act), signed into law by President Biden in August 2022, includes several provisions to lower prescription drug costs for people with Medicare and reduce drug spending by the federal government. One of the Act’s key drug-related policies is a requirement for the Secretary of Health and Human Services (HHS) to negotiate prices with drug companies for certain drugs covered under Medicare Part D (starting in 2026) and Part B (starting in 2028). This new requirement is the culmination of years of debate among lawmakers over whether to grant the federal government the authority to negotiate drug prices in Medicare, and is being implemented at the same time that several lawsuits have been filed seeking to thwart this effort. CMS announced negotiated prices for the list of 10 Part D drugs selected for negotiation on August 15, 2024. Continue reading here…

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