A Democrat-passed law to lower drug prices has backfired, as the redesign of the Medicare Part D drug benefit will cost the government $10 to $20 billion more next year than initially projected. Additionally, a new program to pay insurers to lower drug premiums will cost $5 billion. Republicans are criticizing the Inflation Reduction Act, attributing the spike in prescription drug coverage costs to the drug pricing measures within the Act. This news highlights the challenges and unintended consequences of attempting to lower drug prices through legislative measures.
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Savings from drug pricing law will be smaller than expected: CBO
