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As we’ve written, in August 2022 then-President Joe Biden signed the sweeping Inflation Reduction Act into law, which included several measures aimed at reducing prescription drug costs for Medicare beneficiaries. The law required the federal government to negotiate the price of some Medicare drugs, capped monthly insulin copays at $35, capped seniors’ out-of-pocket costs at $2,000 a year for Medicare’s prescription drugs and made vaccines free.
To further curb medical costs, in October 2022 Biden issued executive order 14087, “Lowering Prescription Drug Costs for Americans,” which directed the secretary of Health and Human Services to “consider whether to select for testing by the [Center for Medicare and Medicaid Innovation] new health care payment and delivery models that would lower drug costs and promote access to innovative drug therapies for beneficiaries enrolled in the Medicare and Medicaid programs.”