PhRMA warns IRA changes are reshaping drug access and affordability

US industry group Pharmaceutical Research and Manufacturers of America (PhRMA) says three years of Inflation Reduction Act implementation have coincided with rising Medicare Part D premiums, fewer standalone plans and growing barriers to treatment. The association argues that insurers and pharmacy benefit managers are reshaping benefits in ways that weaken affordability for seniors.

Analysts expect the average monthly bid for standalone Part D plans to increase sharply next year as insurers assume more financial risk under the redesigned benefit. Deductibles have also climbed in recent years, and far more beneficiaries now face coinsurance rather than copays for preferred brand medicines, limiting predictable costs.