The 2022 passing of the Inflation Reduction Act means that, for the first time, Medicare can negotiate the prices of some prescription drugs.
Ten prescription drugs covered by the Medicare Part D benefit program are now subject to price negotiation. This program won’t affect prices until 2026 and will expand annually until 2029[1]. Medicare can only negotiate on the price of drugs that have a high total cost to the federal government, don’t have a generic alternative, and were approved by the FDA for at least the last seven years.[2]
