President Joe Biden has sought to bring down drug prices through provisions in the Inflation Reduction Act (IRA), but prices since its passage have increased heavily and could increase even more as drug manufacturers search for ways to make up costs, experts told the Daily Caller News Foundation.
The Biden administration announced on Dec. 14 that 48 Medicare Part B drugs raised their prices faster than the rate of inflation, triggering automatic rebates to the government insurance program of payments made over the inflation rate. Drug prices are already increasing at faster rates than in recent years, but following the decrease in profits from Medicare, drug manufacturers could raise prices on individuals with private insurance or even raise starting drug prices to offset costs, according to experts who spoke to the DCNF. (RELATED: Americans Are Turning To Even More Financing…
