Soaring prescription medication costs have placed significant burdens on many people and prompted calls for comprehensive reform. Congress has acted, seeking to enact legislation to rein in drug prices. But, it's important to read the fine print.
Soaring prescription medication costs have placed significant burdens on many people and prompted calls for comprehensive reform. Congress has acted, seeking to enact legislation to rein in drug prices.
The Inflation Reduction Act provides Medicare with the ability to negotiate prices for outpatient and physician-administered drugs. On Jan. 11, the Centers for Medicare and Medicaid Services announced a time frame for implementation of the Inflation Reduction Act's drug pricing provisions. The time frame also indicates that the availability of these drugs will increase each year. But the implementation will prove difficult due to staffing concerns at CMS.
The passage of the Inflation Reduction Act is considered a victory for congressional Democrats, but Congress seems to still have an appetite for reform. Now, Democrats have introduced subsequent legislation that would allow CMS to negotiate drug prices sooner than when the Inflation Reduction Act specified.
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