In this dynamic healthcare landscape, staying informed about regulatory changes is paramount for pharmaceutical professionals. One such pivotal development is the Inflation Reduction Act, a legislation with profound implications for the industry.
The Inflation Reduction Act (IRA), signed into law in August 2022, aims to control inflation by reducing the federal budget deficit and lowering costs associated with energy production, healthcare, and prescription drugs. According to the Congressional Budget Office, the healthcare provisions in the Inflation Reduction Act should result in an estimated $173 billion in federal government savings through 2031.
For all the employees of pharmaceutical companies, especially in customer-facing roles, it is imperative to have a comprehensive understanding of the Inflation Reduction Act. This legislation has several far-reaching implications that will only increase as future provisions are implemented.
Is Your Team Informed and Prepared?
Knowing the importance of the Inflation Reduction Act and the need for pharmaceutical companies to keep their employees informed about the status of this law, we at CMR Institute have just launched an eBrief titled, Fast Facts: Inflation Reduction Act.
With this eBrief, pharmaceutical executives will be able to describe the key provisions of the Inflation Reduction Act and explain how it impacts various stakeholders, including patients, physicians, Pharmacy Benefit Managers (PBMs), and manufacturers.
With provisions such as the insulin cost capped at $35 per month, access to adult vaccines without cost-sharing, a yearly cap on out-of-pocket drug spending, and the expansion of the Low-Income Subsidy Program under Medicare Part D, the affordability and accessibility of prescription drugs to patients is posed to improve.
The IRA will reduce the reimbursement rate, posing challenges for providers who purchase drugs under a buy-and-bill model. Pharmaceutical executives should be aware of those challenges and should know how to address them in their conversations.
Chat with CMR training experts to make this Fast Facts: Inflation Reduction Act eBrief a part of your learning resources.
CMR will keep this eBrief up-to-date with all the future announcements and developments around the IRA so that all the learners always have current information.