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Explaining the U.S. Inflation Reduction Act Program

Explore the technical detail of the Act and how it relates to pharmaceutical payment and coverage.
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About the EIRA Program

The Inflation Reduction Act (IRA) was signed into law in 2022. It is a significant piece of legislation, with a potentially profound impact on the US health care system and drug development landscape. A sound knowledge of the technical detail of the Act is needed before we can understand what its true influence may be.

Rather than speculating on its potential impact, in this Educational Program we explain the key IRA provisions as they relate to pharmaceutical payment and coverage. We aim to promote a common factual understanding the IRA’s provisions, equipping learners with the knowledge and information needed to support informed conversation and debate on its potential impacts.

This material was produced with financial support from PhRMA. The views expressed in these presentations are those of the speakers and do not necessarily reflect PhRMA’s views or positions. This material does not constitute legal advice – it represents the speakers’ best read of the Inflation Reduction Act of 2022, Public Law 117-169, and the CMS memo entitled “Medicare Drug Price Negotiation Program: Initial Memorandum, Implementation of Sections 1191-1198 [of the SSA for IPAY 2026] and Solicitation of Comments,” as of 15 March 2023.
Understand the drug selection and price setting process to be enacted, starting in 2023.
learning outcome
Become familiar with the inflation rebate provisions of the IRA, and how these will apply to Medicare Part B and Part D drugs.
learning outcome
Understand the changes to Medicare Part D through the benefit redesign, as well as the other provisions of the IRA impacting cost sharing, premiums and subsidies.
learning outcome

Program Benefits

#1 Free to
access

Unlock valuable knowledge and profound insights, all without any cost.

#2 On-demand learning

 Complete flexibility, convenience, and control over learning, allowing you to acquire new skills at your own pace, on your schedule, from any location.

#3 Global leaders in health economics

OHE, with over six decades of expertise, is the world’s oldest independent health economics research organisation. It leads in health economics research and education, attracting top experts.

#4 Accessible to all levels of expertise

This course welcomes learners of all proficiency levels. It covers foundational information about the US healthcare system, as well as provides insights into how the new Act will impact policy

Course Lessons

Meet the instructors

Amanda Cole

Amanda is a health economist with expertise in economic evaluation and reimbursement, real-world evidence, and analysis of critical health policy issues. She is team leader for OHE’s Economics of Innovation theme, and outside of OHE is an Honorary Professor of Practice at University College London (UCL) and is a member of ISPOR’s Health Science Policy Council.

Eleanor Bell

Eleanor is an economist by training and is interested in how health economics can increase the efficiency of health systems, and aid decision-making on how healthcare budgets should be spent. Her current research interests include the role of digital health technologies within healthcare systems, and methods and process for their assessments. She is also interested in real-world evidence in economic evaluations, the role of qualitative research in HTA, and the adoption of HTA in lower and middle income countries.

Fred McElwee

Fred joined the OHE in November 2022 after reading the MSc Global Health Science & Epidemiology at the University of Oxford, where he completed his master’s dissertation on health poverty while on placement at the Health Economics Research Centre (HERC). Previously, he read the MA (Hons) Economics at the University of Edinburgh, where he wrote his thesis on innovative contracting of health technologies.

Graham Cookson

A econometrician by training, Graham focuses on health system efficiency, policy evaluation, and pricing and reimbursement in pharmaceutical markets. Alongside his position at OHE, Graham is an Honorary Professor at City, University of London and is a Fellow of Royal Statistical Society, Higher Education Academy and member of Royal Economic Society.
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