Biden Signs Inflation Reduction Act

US President Biden signed the Democrat’s Inflation Reduction Act into law yesterday, August 16th. The sweeping partisan reconciliation bill includes drug pricing reforms that will allow Medicare to negotiate prices for a small set of expensive prescription drugs that will expand over the coming decade. Pharma companies are already preparing legal strategies to block or offset the effects of the legislation, which includes the threat of fines.

According to Zachary Brennan, “The bill includes a number of heavy sticks to mandate participation, including $1 million per day in fines for failing to provide the info requested by CMS, and $100 million per piece of false info provided.”

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(Source: Endpoints News, August 17th, 2022)