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    Is AI the Way of the Future? The University System of Georgia Board of Regents Think So

    Is AI the Way of the Future? The University System of Georgia Board of Regents Think So

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    Two Georgia Restaurants Named Among America’s Most Beautiful

    Zac Brown Lists Stunning Lakefront Estate in Georgia for $3.25 Million

    Zac Brown Lists Stunning Lakefront Estate in Georgia for $3.25 Million

    Unmissable Free Concerts: North Georgia Chamber Symphony Quartet to Showcase Talent in Two Performances

    Unmissable Free Concerts: North Georgia Chamber Symphony Quartet to Showcase Talent in Two Performances

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    Is AI the Way of the Future? The University System of Georgia Board of Regents Think So

    Is AI the Way of the Future? The University System of Georgia Board of Regents Think So

    Self-Driving Pods Set to Launch at World’s Busiest Airport in New Pilot Program

    Self-Driving Pods Set to Launch at World’s Busiest Airport in New Pilot Program

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    Orange Crush Festival to Return to Tybee Island Under New Conditions

    Orange Crush Festival to Return to Tybee Island Under New Conditions

    Georgia Shocks No. 3 Florida in a Nail-Biting Win

    Georgia Shocks No. 3 Florida in a Nail-Biting Win

    Atlanta to Host Super Bowl in 2028, Bringing the Big Game Back to Georgia

    Atlanta to Host Super Bowl in 2028, Bringing the Big Game Back to Georgia

    Sawnee Electric Membership Foundation Prepares to Give Back: Over $74K Slated for Local Charities Distribution

    Sawnee Electric Membership Foundation Prepares to Give Back: Over $74K Slated for Local Charities Distribution

    Winder Celebrates 131 Years of Rich History and Community Spirit

    Unmissable Free Concerts: North Georgia Chamber Symphony Quartet to Showcase Talent in Two Performances

    Unmissable Free Concerts: North Georgia Chamber Symphony Quartet to Showcase Talent in Two Performances

    Experience a Spectacular 3-Day July 4th Celebration at Lanier Islands Resort

    Experience a Spectacular 3-Day July 4th Celebration at Lanier Islands Resort

    Gainesville’s Hot Summer Nights Concert Series Kicks-off Tonight

    Gainesville’s Hot Summer Nights Concert Series Kicks-off Tonight

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    Georgia Tech Stuns Florida State in Aer Lingus Classic

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    Two Georgia Restaurants Named Among America’s Most Beautiful

    Zac Brown Lists Stunning Lakefront Estate in Georgia for $3.25 Million

    Zac Brown Lists Stunning Lakefront Estate in Georgia for $3.25 Million

    Unmissable Free Concerts: North Georgia Chamber Symphony Quartet to Showcase Talent in Two Performances

    Unmissable Free Concerts: North Georgia Chamber Symphony Quartet to Showcase Talent in Two Performances

    LifeSouth Bringing Mobile Blood Drive to Gainesville

    LifeSouth Bringing Mobile Blood Drive to Gainesville

    Unprecedented Number of Georgians Expected to Travel for Independence Day Weekend

    President Biden’s Inflation-Driven Housing Crisis

    President Biden’s Inflation-Driven Housing Crisis

    Jack in the Box is Coming to Georgia

    Jack in the Box is Coming to Georgia

    Discover the Historic Flags of Northeast Georgia History Center

    Discover the Historic Flags of Northeast Georgia History Center

    Hall County and Flowery Branch Unite for Exciting Highlands to Islands Trail Project

    Hall County and Flowery Branch Unite for Exciting Highlands to Islands Trail Project

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Research Blames Government Controls For Increased Prescription Costs

Sections of the 2022 Inflation Reduction Act are causing double-digit increases in the cost of new medicines according to latest analysis.

by TheGeorgiaDemocrat
October 18, 2024
in National News
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Research Blames Government Controls For Increased Prescription Costs
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Over half of all Georgians surveyed report being either “somewhat worried” or “very worried” about affording the cost of necessary medicine. From 2013 to 2019, Medicare prescription drug costs grew a staggering 89% in the Peach State to nearly $4,500 per person.

The 2022 Inflation Reduction Act was supposed to help stop these ballooning costs, but new analysis shows that it has actually made matters worse. Since its passage, Medicare premiums for Part D prescription drug plans have risen 20% while causing some premiums to surge more than 25% according to Tim Chapman, president of Advancing American Freedom.

Data shows that prescription price caps accompanying the legislation have already caused a double digit surge in direct consumer costs. By limiting the prices on certain existing medication, the IRA forced drug companies to offset by increasing costs on new medicines and cutting back on rebates and other programs designed to offset copays and consumer costs.

New analysis from Milliman warns that the situation will only grow worse should the rest of the IRA be allowed to take effect.

Known as the Medicare Drug Price Negotiation Program, the provision of the IRA is set to take effect in 2026 and will grant sweeping powers to the White House to set prescription drug pricing. The Biden administration has released a list of the first 10 drugs targeted for control under the IRA.

The St. Louis Federal Reserve warns that price controls like those in the IRA result in quantity shortages on key medicines while the Information Technology & Innovation Foundation points to reduced budgets for research and development and fewer life-saving medicines brought to market.

TheGeorgiaDemocrat

TheGeorgiaDemocrat

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