CAP Brief Underlines Inflation Reduction Act’s Role in Cutting Drug Prices
TL/DR –
The Inflation Reduction Act has been noted for its role in lowering Medicare prescription drug prices by allowing the health and human services secretary to negotiate prices directly. However, pharmaceutical companies are suing to prevent this authority in order to protect their profits and retain control over drug pricing. On December 22, 2023, the Center for American Progress and the NAACP filed an amicus brief responding to one such lawsuit, emphasizing the importance of Medicare drug price negotiation in improving access and affordability, particularly for minority groups, women, older adults, and disabled people, and for advancing health equity overall.
Medicare Drug Price Negotiation Under The Inflation Reduction Act
Making significant strides in reducing Medicare prescription drug prices, The Inflation Reduction Act authorizes the health and human services secretary to directly negotiate drug prices for the Medicare program. However, pharmaceutical companies, keen on maintaining profits and setting drug prices at market maximums, are legally challenging this authority.
On December 22, 2023, The Center for American Progress (CAP) and the NAACP responded to such a lawsuit, Boehringer Ingelheim Pharmaceuticals Inc. v. U.S. Department of Health and Human Services et al., by filing an amicus brief. The brief demonstrates the crucial role of Medicare drug price negotiation in enhancing the accessibility and affordability of Medicare Part D drugs. It highlights the significant impact on racial and ethnic minorities, women, older adults, the LGBTQI+ community, and disabled individuals, emphasizing the importance of lower prescription drug costs for advancing health equity.
Click here to access the amicus brief.
—
Read More US Economic News