Inflation Reduction Act Roundup

 

New Inflation Reduction Act Information The new prescription drug law, the Inflation Reduction Act (IRA), provides meaningful financial relief for millions of people with Medicare by improving access to affordable treatments and strengthening the Medicare Program both now and in the long-run. Data Collection on Negotiation Data Elements CMS published an Information Collection Request for Medicare Drug Price Negotiation Program negotiation data elements. The Inflation  Reduction Act specifies nine factors CMS must consider when negotiating the maximum fair price of a selected drug. The new request seeks public input on the particular data to be included in these factors. It also outlines the process for drug companies and the public to submit relevant data. The request is open for a 60-day public comment period. Comments must be received by May 22, 2023. More information about the announcement can be found here: (https://www.federalregister.gov/documents/2023/03/21/2023-05784/agency-information-collection-activities-proposed-collection-comment-request) Partner Resource Check out our recently revised information for partners regarding drug coverage under different parts of Medicare: https://www.cms.gov/outreach-and-education/outreach/partnerships/downloads/11315-p.pdf   In Case You Missed It (ICYMI) Medicare Drug Price Negotiation Program initial guidance: On March 16, 2023, CMS released initial guidance detailing the requirements and parameters—including requests for public comment—on key elements of the new Medicare Drug Price Negotiation Program for 2026, the first year the negotiated prices will apply. Comments received by April 14, 2023 will be considered for revised guidance, which CMS intends to issue in Summer 2023.  View a fact sheet on the Medicare Drug Price Negotiation Program Initial Guidance  Read the Medicare Drug Price Negotiation Program Initial Guidance In addition, HHS released a report on how much people with Medicare prescription drug coverage would have saved on vaccine cost-sharing if the Inflation Reduction Act had been in effect in 2021. Social Media Toolkit CMS recently issued a social media toolkit that interested parties can use to educate people with Medicare about the new changes on cost sharing for insulin and vaccines under the Inflation Reduction Act. The toolkit includes text and graphics in both English and Spanish. For the English and Spanish social media tool kit, please visit: https://www.cms.gov/outreach-education/partner-resources/social-media-toolkits