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February 02,2023
Necessary Provisions from the Inflation Discount Act Have Gone Into Impact, Notably the Penalty for Drug Corporations that Enhance Costs Quicker Than Inflation
Finance Chairman Asks CMS for Particulars on When and How the Medicare Half B and Half D Inflation Rebates Will Be Carried out
Washington, D.C. – Senate Finance Committee Chair Ron Wyden, D-Ore., requested the Biden administration to share key data with the general public in regards to the implementation of the Inflation Discount Act’s drug pricing provisions, particularly the value gouging penalties on drug corporations referred to as inflation rebates, which apply to Medicare Elements B and D.
“I write as we speak to inquire about CMS’s progress in direction of implementing the Medicare inflation rebate provisions. This core element of the IRA’s drug pricing reforms has already began to take impact. The Finance Committee might be paying shut consideration to how the inflation rebate provisions work to decrease costs for seniors and maintain producers accountable in the event that they proceed to lift costs past the speed of inflation,” Wyden wrote. “The data requested is vital to making sure that Medicare beneficiaries perceive the broad attain of the IRA and the inflation rebate provisions that intend to guard them.”
The letter, despatched to Facilities for Medicare & Medicaid Providers (CMS) Administrator Chiquita Brooks-LaSure, comes as drug corporations introduced value will increase on not less than 872 medication since January 1. In a recent report from the Division of Well being and Human Providers (HHS), greater than 3,000 medication noticed a value will increase in 2022. Between July 2021 and July 2022, value will increase on 1,216 medication outpaced inflation, with a median value improve of 32 p.c.
The letter asks CMS to publicize particulars on how these provisions might be carried out, together with a definite timeline for the Half B and Half inflation rebates, in addition to clear data to grasp how the inflation rebates might be calculated and picked up.
The total letter could be discovered here.
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