The Concerns of Congress About Drug Prices
The main advantage of Congress’ solution to monitor and control prices on specific medications can be stated regarding positive health effects for low-income and high-risk groups of people. Therefore, Congress was right to be concerned about drug prices due to the particular benefits for specific categories of people.
IRA’s Drug Price Negotiations and the Future Development of Life-Saving Drugs
However, one should consider the difference in prices. If the price reductions were significant, it would negatively affect the developers and researchers due to the understanding that their products would not be rated accordingly. However, there will be no substantial changes regarding the future development of new drugs because they obtain 20 years of legal monopoly protected by a patent.
The Effect of the IRA’s Insulin Price Cap on the Future Availability of Insulin Products
While considering the changes in pricing, it is essential to explore the correlation between it and the customers’ demand. The price of medicine can moderately influence the client’s demand for medication. Consequently, the regulations regarding insulin products may positively impact the prices by reducing them. As a result, people will be able to buy it more affordable.
The Politics of the IRA: Lobbying vs. Advocating Against It
In addition, one should state the attitude towards changes from the retired persons’ side. The American Association of Retired Persons (AARP) will not lobby to repeal these parts of the IRA because retired people are low-income people. They often are unable to buy appropriate medical insurance or drugs, so these parts of the IRA will be essential for them.
Comparing IRA Provisions with Obamacare
One should also consider the peculiarities of different medication programs. The significant difference between these three programs is in their targeting. Notably, Cadillac tends to deal with insurance regarding the working environment and the rights of employers. In other words, this program regulates employees’ rights to a fair price for labor insurance. Therefore, it is crucial to state the changes for the entire healthcare system.
Cost-Reduction Measure That Most Likely Will Harm Health
Adverse changes in the healthcare system can occur after the application of IRA components. Patients’ psychological changes can harm their health. Consequently, too-high regulations can cause adverse changes in people’s behavior.
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