PhRMA restates worries about IRA pricing program, calls on CMS to lessen negative impact

The Impact of Inflation Reduction Act on Patients and Innovation

Patients and innovation are facing challenges due to the price setting provisions of the Inflation Reduction Act (IRA). It is crucial for the administration to address the unintended consequences of the law to protect patients across the country.

Key Concerns Outlined by PhRMA

In response to CMS’s draft guidance for the second year of price setting under the IRA, PhRMA outlined five key concerns:

  • The Arbitrary Price Setting Process: The IRA gives CMS extensive authority to set prices, leading to politicization and potential harm to patients.
  • Risk to Patient Access: Changes to Medicare Part D may disrupt patient access to medicines due to government price setting.
  • Undermining the Competitive Marketplace: The IRA may discourage competition, impacting innovation and cost control in the healthcare system.
  • Harm to Innovation: Government price setting could hinder future development of medicines, affecting patients and new treatments.
  • Lack of Patient and Clinician Involvement: The perspectives of patients and clinicians are not adequately considered in the price setting process, potentially leading to negative outcomes.

Need for Course Correction

PhRMA and other stakeholder groups provided feedback on the price setting guidance, which was largely ignored by CMS. As we move into the second year of price setting, it is essential for CMS to make necessary adjustments to prevent further harm to patients and innovation.

Read More of this Story at – 2024-07-03 16:18:45

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