Recently the Congress and the White House passed and signed a great bill that is suppose to help struggling Americans keep the prices of drugs down….
The Inflation Reduction Act is set to lower drug prices for millions of people in the U.S. — but experts fear pharmaceutical companies could exploit loopholes in the bill, ultimately keeping prescription costs high for many.
The law takes aim at insulin costs, caps out-of-pocket spending for Medicare beneficiaries, and allows the federal government to negotiate prices on the costliest prescription drugs. It also will require drugmakers to pay a rebate to Medicare if they raise prices too sharply.
These provisions won’t be implemented all at once. Instead, they’ll go into effect gradually over the next several years, beginning with insulin price caps and rebates in 2023, out-of-pocket caps in 2025, and finally drug negotiations in 2026.
Because of the four-year gap before the law is fully implemented, policy and legal experts fear that pharmaceutical companies may have ample time to go on the offense and — if they don’t try to get the law thrown out in court — figure out ways to sidestep provisions that affect their ability to maintain their high profits.
The tactics may ultimately threaten the law’s ability to lower drug costs for consumers. A recent Kaiser Family Foundation survey found about 8 in 10 adults say the cost of prescription drugs is unreasonable.
“Trying to reform the system is like playing three-dimensional chess,” said Robin Feldman, a pharmaceutical and intellectual property law expert at the University of California, Hastings. “Whatever move the government makes, companies will move on three different levels to try to get around it.”
This is typical….the Congress installs loopholes that can be exploited by the donors that pay their representatives to make it easier for them exploit the people of this country.
So bend over my fellow Americans and enjoy the ride….you will get use to it (sarcasm)….
I Read, I Write, You Know
“lego ergo scribo”
4 thoughts on “The Inflation Reduction Act”
It’s not sarcasm Chuq, it is the truth .. the profiteers will always find ways to skirt the laws.
Congress makes it so easy for them to do so…..matters not the party….chuq
If they can’t find any existing loopholes, they will no doubt invent some new ones.
Best wishes, Pete.
Yep it is what our Congress does….protects those that bribe them chuq