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Millions of Americans struggle to afford their prescription drugs. Signed into law in August 2022, the Inflation Reduction Act (IRA) includes provisions to make drugs more affordable for Medicare patients, primarily through drug price negotiations and cost caps. The changes to Medicare are intended to expand benefits, lower drug costs, keep prescription drug premiums stable and improve the strength of the Medicare program. Understanding the new law is particularly important for 340B stakeholders since the program interacts with the 340B program and it shares some of the same mechanisms to rein in prices.  Though the IRA will undoubtedly help patients of covered entities afford their prescribed medications, some elements will have a negative impact on prescription revenue.  The first 10 drugs to be negotiated have already been selected and drug manufacturers have until Oct. 1 to sign up for the program or face heavy financial penalties.

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