August 9, 2022
CBS News recently examined how the Inflation Reduction Act will impact seniors by lowering the cost of drugs, featuring insight by Rena Conti, Associate Professor of Markets, Public Policy, & Law.
A major component of the bill is designed to benefit seniors on Medicare and reduce their out-of-pocket spending on prescription drugs., However, many drug companies oppose these changes, believing that pharmaceutical innovation will be more difficult, and prices will increase for non-seniors needing expensive medication. Rena disputes this point and claims that, “This is going to be game-changing.”
While the medical pricing provisions of the Inflation Reduction Act have come under a lot of scrutiny, experts like Rena Conti believe the bill will not harm pharmaceutical companies greatly and will make prices more transparent.