August 15, 2022
D.C. News
  • The House passed the Inflation Reduction Act, granting Medicare the authority to negotiate prescription drug prices and extending enhanced Affordable Care Act (ACA) subsides for three years. Under the legislation, Medicare could negotiate lower prices for 10 high-cost drugs beginning in 2026, ramping up to 20 drugs by 2029. Drug companies that don’t participate could face a tax of up to 95 percent of the sales of the drug. While the provision is a win for Democrats, experts warn that it could establish a two-tiered pricing system for certain drugs, forcing drug prices to rise in the private market. All 220 Democrats voted in favor of the bill, sending it to President Biden who is expected to sign it into law. (Articles here, here, here, here, here, here, and here)