The Inflation Reduction Act contains provisions that are expected to lower drug costs for millions of Americans by allowing Medicare to negotiate some drug prices and by limiting the amount of out-of-pocket drug costs for Medicare Part D patients. John Clark John Clark, clinical associate professor at the University of Michigan College of Pharmacy and associate chief pharmacy officer at Michigan Medicine, explains what this means to consumers. What are the major components of this new drug pricing package? The drug cost pricing package allows for Medicare to negotiate pricing for certain prescription medications. The number of medications is phased in and starts with 10 medications in 2026. Starting in 2023, drug companies must pay rebates if drug prices rise faster than [...]

Gov. Gretchen Whitmer Wednesday signed the 2021-2022 state budget. Included in the budget is Boilerplate Section 1625, which ensures that independent pharmacies with common ownership of seven or fewer stores would continue to receive the enhanced dispensing fee they have been receiving since earlier this year. The Legislature attempted to make changes to the Boilerplate to reduce the dispensing fee for certain medications, but the Michigan Pharmacists Association (MPA) was able to convince legislators of the value of this benefit and ensured that the full amount will continue to be given to independent pharmacies in the coming fiscal year.