2022 Pharmacy Survey Results: Drug Prices | Part 2

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MHE Publication, MHE August 2022, Volume 32, Issue 8

Second of six parts

The Inflation Reduction Act that President Joe Biden signed into law on Tuesday includes a provision that will mean the federal government will negotiate prices for Medicare for the first time and another one that puts a $35 limit on monthly out-of-pocket expenses for insulin for Medicare beneficiaries.

Both are major developments in healthcare policy, especially the price negotiation provision.

And both would get a thumbs up from the majority of the respondents to our annual pharmacy survey.

The survey, which was conducted in late June and early July, had over 950 respondents. Our colleagues at Pharmacy Times® helped distribute the survey through their channels.

Most (62%) of the respondents to our survey favored Congress putting a cap on insulin. A slightly smaller proportion (58%) favored CMS negotiating drug prices and 28% were against.

Part of the motivation for Medicare drug negotiation comes from a belief that drug prices are too high, so it was interesting that just over half (54%) of the respondents to our survey indicated that they believe the problem of high drug prices has been exaggerated.