August 9, 2022 – Over the weekend, the Senate passed the Inflation Reduction Act by a vote of 51-50 (Vice President Kamala Harris served as the tie-break). Included in the Act were several healthcare-related items, including a provision where starting in 2026, Medicare could negotiate drug prices for 10 high-cost drugs (to be determined).
The Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Stephen J. Ubl released a statement saying the bill “gives the government unchecked authority to set the price of medicines. And they say the bill won’t harm innovation, but various experts, biotech investors and patient advocates agree that this bill will lead to fewer new cures and treatments for patients battling cancer, Alzheimer’s and other diseases.”
Read his full statement here
Also, Healthcare Finance wrote about what the Act could mean for healthcare.