CMS acts to lower prescription drug costs under the Inflation Reduction Act (IRA)

Jan. 30, 2023
CMS update.

The Centers for Medicare & Medicaid Services issued a Medicaid Drug Rebate Program manufacturers’ release providing drug manufacturers with technical information on the impact of the Inflation Reduction Act and other statutory changes on the calculation of Medicaid rebate reporting metrics.

CMS began to propose its data collection processes essential to carrying out the first year of the Medicare Drug Negotiation Program by posting a 60-day Federal Register Notice. CMS will gather information necessary to identify which drugs qualify for the small biotech manufacturer exemption for the early years of the Negotiation Program.

CMS has a number of resources available to help people with Medicare understand the reduced drug costs made possible under the Inflation Reduction Act, including a fact sheet and frequently asked questions about the updated Medicare cost sharing for insulin.  

Read the manufacturers' release here