Understanding the Impact of the Inflation Reduction Act

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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.

Verity Solutions brings together guest speakers Jason Reddish and Ted Slafsky for a webinar on November 1 to discuss Medicare drug negotiation and its potential impact on the 340B program. Jason will cover beneficiary improvements, drug price negotiation, compliance considerations, and the effects of inflation penalties. Ted will provide the historical and political context of this new law, address lawsuits against the government to prevent drug price negotiation, and other insights.  

Webinar Speakers

Jason Reddish is a Principal at the Washington, DC, law firm Powers Pyles Sutter & Verville, where he focuses on the 340B program and safety net pharmacy issues. Jason has extensive experience negotiating 340B-related agreements involving covered entities, contract pharmacies, administrators, payers, and others. He also works with covered entities to develop compliant policies and procedures and to audit current operations. Jason guides 340B covered entities through the 340B audit process, disputes unfair or unjust audit findings, assists covered entities with responses to HRSA and manufacturer inquiries, and prepares self-disclosures and corrective action plans to disclose or rectify episodes of non-compliance, if necessary. His success in handling these issues earned him a reputation as an authority on transactional, operational, and compliance concerns within the realm of 340B program covered entities and contract pharmacies.

Ted Slafsky

Ted Slafsky is one of the nation’s leading experts on healthcare policy, pharmaceutical pricing, the hospital industry, and healthcare access. Based in Washington, D.C., he is the Publisher and CEO of 340B Report, the only subscription-based news service covering developments in the federal 340B drug pricing program. He is also Founder and Principal of the consulting firm Wexford Solutions. Mr. Slafsky served as President and Chief Executive Officer of 340B Health for over a decaded, was a Health Policy Fellow for the U.S. Senate Democratic Policy Committee, was a Reporter and Researcher at U.S. News & World Report.

1https://www.cms.gov/inflation-reduction-act-and-medicare

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