Biopharmaceuticals and The Inflation Reduction Act: A Status Report on IRA Implementation

The Inflation Reduction Act (IRA) of 2022 will impose some of the most far-reaching changes in federal policy on biopharmaceuticals in recent years, including direct negotiation of drug prices by Medicare, and significant redesign of Medicare prescription drug benefits to lower costs borne by Medicare beneficiaries. The panel will examine the current status of key IRA provisions that may influence biopharmaceutical innovation in the years ahead, including new reporting requirements faced by industry; Medicare's new authorities to negotiate "Maximum Fair Prices" for selected drugs; and the potential impact of lower patient costs on drug utilization.