HHS outlined three dates for the implementation of the Inflation Reduction Act, a sweeping drug pricing bill that President Joe Biden signed in 2022, CMS said Jan. 11.
A few provisions, including capping a month's supply of insulin to $35 and companies facing a fee if their drugs' prices rise faster than inflation, are already in effect.
Here are three future deadlines, according to CMS' timeline:
1. By Sept. 1, CMS will publish the first 10 Medicare Part D drugs selected for the Medicare Drug Price Negotiation Program.
2. The negotiated maximum fair prices for these drugs will be announced by Sept. 1, 2024, and prices will be in effect starting Jan. 1, 2026.
3. In future years, CMS will select for negotiation 15 more Part D drugs for 2027, 15 more Part B or Part D drugs for 2028, and 20 more Part B or Part D drugs for each year after that.