FAQ: What is the Inflation Reduction Act & How Does It Impact Affordability of Biologic Therapies?
Description
In this episode, Kyle George, PA-C at St. Luke’s Rheumatology in Idaho, explains the Inflation Reduction Act of 2022 and its impact on the affordability of biologic therapies for patients with chronic conditions. This landmark law introduces sweeping reforms to lower prescription drug costs for Medicare beneficiaries, including giving Medicare the authority to negotiate prices on high-cost drugs, capping annual out-of-pocket expenses at $2,000 starting in 2025, and requiring manufacturers to pay inflationary rebates if prices rise faster than inflation. Kyle highlights how these provisions will directly affect patients on biologics, offering much-needed financial relief, greater price stability, and improved access to care. He also discusses how the act encourages competition through biosimilars, expands eligibility for low-income subsidies, and limits annual premium increases, all designed to make therapies more affordable and accessible for vulnerable populations. For patients and providers alike, this episode offers a clear, practical look at how the Inflation Reduction Act is reshaping the future of drug pricing and access to biologic medications.
United States
