Inflation Reduction Act: Resources and Advocacy
On Aug. 16, 2022, President Biden signed the Inflation Reduction Act, which includes provisions that will impact community pharmacy.
For pharmacies, reimbursement could be impacted under the new Medicare price negotiation framework, as any difference between the negotiated price and discounted price for a drug would be "trued-up" within prompt pay requirements. NCPA has secured language for the record in the House of Representatives that the Centers for Medicare & Medicaid Services (CMS) will not implement the act in a way that would cause any reduction in pharmacy reimbursement or require or permit price concessions or other remuneration from the pharmacy because of Medicare drug price negotiation. Additionally, the language stated that implementation should operate in the same manner as the Medicare Part D Coverage Gap Discount Program.
Please see below for some resources on the Inflation Reduction Act.
Member summary on the Inflation Reduction Act (August 2022)
"Don't Say We Didn't Warn You: Preparing for the DIR Hangover, DSCSA, and Other Regulatory Items That Should Be On Your 2023 Pharmacy Checklist" (December 2022)
Includes timeline of Inflation Reduction Act implementation, and information on provisions that are effective in 2023, including on vaccines and insulin
- NCPA comments to CMS on Medicare Drug Price Negotiation Program Initial Guidance (April 2023)
- NCPA comments to CMS on how CMS can identify 340B units dispensed in Medicare Part D (March 2023)
Centers for Medicare and Medicaid Services (CMS) Resources
Fact Sheet (October 2022)
Frequently Asked Questions (FAQs) (October 2022)
Fact Sheet: Medicare Prescription Drug Inflation Rebate Program Part B Rebatable Drug Coinsurance Reduction (March 2023)
Inflation Reduction Act Research Series: Medicare Part D Enrollee Savings from Elimination of Vaccine Cost-Sharing – HHS (March 2023)
Press Release: Inflation Reduction Act Tamps Down on Prescription Drug Price Increases Above Inflation (March 2023)
Memo: Medicare Drug Price Negotiation Program: Next Steps in Implementation for Initial Price Applicability Year 2026 (January 2023)
Full enacted law of the Inflation Reduction Act (August 2022)
Kaiser Family Foundation Resources
Explaining the Prescription Drug Provisions in the Inflation Reduction Act (January 2023)
Understanding the Health Care Provisions in the Inflation Reduction Act (August 2022)