As patients faced both high rates of inflation and record high costs at the pharmacy counter, President Biden signed the Inflation Reduction Act (IRA) into law in August 2022. The IRA significantly impacts how patients can access their prescription medicines and how future innovations will be brought to market. While the law includes provisions that will help patients living with chronic conditions access the medications they need, the path remains for industry middlemen known as pharmacy benefit managers (PBMs) to use harmful and profit-seeking practices to hurt patients without consequence. Unless Congress takes action to pass comprehensive reforms around PBM practices, price “negotiation” policies for prescription medicines will fall short of lowering costs for patients.
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