What the Inflation Reduction Act means for the cost of health care
in America can feel a bit like being a tourist haggling at a street market. First, a ludicrous “retail price” is mentioned . Then, insurance is applied, followed by a layering-on of coupons , discount cards and rebate claims. And yet even after all that, the amount of cash you pay out of pocket is still steep by international standards .
Americans spend twice as much on prescription medication per person as comparable countries, according to Peterson-, a health-research group. This spending is heavily skewed by branded drugs with no competitors, so-called non-generic drugs. These make up 10% of prescription drugs but 80% of spending. Adjusted for inflation, spending on prescription drugs has increased from $101 per person in 1960 to $1,147 in 2021.
Negotiations between the government and Big Pharma are under way behind closed doors. Drug companies are keen to reassure shareholders that the government’s proposals are not as outlandish as feared. Yet at the same time they have filed several lawsuits challenging the legislation.
, another think-tank, says that the real question is how the law will evolve in the future. “If you can suddenly negotiate more drug prices, earlier in their life cycle, or these prices apply to the entire private market, then suddenly this is not an incremental change—this is a sea change.”
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