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Senate Passes Inflation Reduction Act - 8/9/22

  • 1.  Senate Passes Inflation Reduction Act - 8/9/22

    National Council Staff
    Posted 08-09-2022 13:01
    Dear Association Executives - The Senate passed a ~ $740 billion reconciliation bill over the weekend, sending the measure to the House for a final vote later this week. Over the last few days, there were some key changes to the drug pricing policies within the filibuster-proof measure: (1) the removal of a provision that would have required drug companies to provide rebates if the cost of the products they sold to private insurers exceeded inflation; and (2) the removal of a proposed price cap for insulin in the private marketplace.

    A summary of the legislation can be found here:

    Healthcare provisions, many of which are tied to prescription drug pricing, include some of the following:

    • Allows Medicare to negotiate drug prices
    • Caps Medicare out-of-pocket costs to $2,000
    • Lowers ACA health care premiums for millions of Americans
     What's next? House lawmakers will return on Friday to consider the Inflation Reduction Act. Passage of the bill - which is highly likely as the Democratic caucus appears to be unified at the moment - would send the measure to President Biden's desk for signature. This will mark the end of a busy summer work period for both chambers, with the Senate breaking until Tuesday, September 6, and the House until Tuesday, September 13.

    Stephanie Katz, JD, MPH
    Assistant Vice President, Public Policy and Advocacy
    Policy Department
    National Council for Mental Wellbeing
    1400 K Street NW Suite 400, Washington, DC 20005
    Direct: (509) 594-9105

    Neal Comstock
    Director of Membership
    National Council
    202 748-8793