IRA: how low will they go?

The Inflation Reduction Act creates ceilings but does not create floors for prices CMS sets, or “negotiates,” with drug companies. It also gives the Medicare agency a great deal of discretion over price-setting policies and limits judicial review of its decisions.

Leaders of companies making drugs that will be subject to the IRA’s price-setting provisions assume CMS will crash through the ceiling, establishing rock bottom prices. ...