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The Inflation Reduction Act of 2022 (IRA) is a United States federal law which aims to reduce the federal government budget deficit, lower prescription drug prices, and invest in domestic energy production while promoting clean energy.
President Joe Biden's signature Inflation Reduction Act (IRA) includes a provision to penalize drugmakers who work with Medicare, a government program for people aged 65 and older or who are disabled.
“Without the Inflation Reduction Act, seniors were completely exposed to Big Pharma’s price hikes. Not anymore,” Neera Tanden, White House domestic policy advisor, said in the release.
Summary Orders the rescindment of several executive orders enacted during the Biden administration. Executive Order 14148 , titled " Initial Rescissions of Harmful Executive Orders and Actions ", is an executive order signed by United States president Donald Trump on January 20, 2025, during the first day of his second presidential term.
Prescription drug list prices in the United States continually are among the highest in the world. [1] [2] The high cost of prescription drugs became a major topic of discussion in the 21st century, leading up to the American health care reform debate of 2009, and received renewed attention in 2015.
One way the administration did that was through the Inflation Reduction Act (IRA), which was signed into law in 2022. Key provisions of the bill are directly aimed at improving the lives of the ...
The law would require all drug manufacturers to give rebates to the CMS for drugs covered by Medicare for any drugs that cost $100 or more (average charge for one person to use the drug for a year), or for any drug that has an average manufacturer price that increasing faster than the rate of inflation. Companies that do not comply can be fined ...
Inflation Reduction Act (IRA) Summary. The Inflation Reduction Act passed the House and Senate using reconciliation along party lines in August 2022. President Biden signed it into law on August 16. Vox reported that key objectives include: Reduce carbon emissions significantly through climate protection incentives. This includes tax credits ...