![]() ![]() This paper is focused on doing so.Īcademic literature indicates that advances in medicine have brought trillions of dollars of benefits to the American economy in recent decades, helping people live and work longer, lead healthier and more productive lives, and avoid more expensive medical interventions that occur in hospital or physician settings. Unfortunately, proponents of prescription drug price controls like those in the IRA often fail to conduct a truly thorough and comprehensive analysis of the costs and the benefits prescription drugs offer patients, doctors, and taxpayers. ![]() One of the most recent examples is the Inflation Reduction Act (IRA) of 2022, which requires Medicare to set the price for some brand-name drugs in the program and requires drug manufacturers to rebate Medicare if they increase their prices faster than inflation. Prescription drug costs are often in the public policy spotlight. ![]()
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