Expected Impact of IRA Medicare Drug Price Negotiation Program

This Milliman report, commissioned by PhRMA, analyzes the expected effects of the Inflation Reduction Act's Medicare Drug Price Negotiation Program on out-of-pocket costs for Medicare Part D beneficiaries in 2026. It provides insights into cost impacts by income status, plan type, and demographic groups, highlighting significant changes introduced by the IRA. The report includes detailed results, methodologies, and assumptions underlying the analysis.