First Negotiated Drug Prices Under the Inflation Reduction Act: Industry Impact
For decades, Medicare’s prescription drug system operated without direct federal negotiation of drug prices. The Medicare Modernization Act of 2003 included a non-interference provision that limited the federal government’s role in interfering with negotiations between Part D plans, manufacturers, and pharmacies. The Inflation Reduction Act (IRA) fundamentally changed that framework. The first 10 negotiated Maximum…