"It's really a monumental change for patients, and it is a massive win for our health care system," says Benjamin Pockros, MD.
In this video, Benjamin Pockros, MD, highlights the background of the publication, “Impact of the Inflation Reduction Act for patients with advanced prostate cancer,” for which he served as the lead author. Pockros is a urology resident at the University of Michigan in Ann Arbor, Michigan.
The Inflation Reduction Act was passed in August of 2022. It focuses on patients with Medicare insurance, and our research focuses on Part D in Medicare. That is the voluntary prescription drug benefit. There are various different inclusion factors in here, such as a cap on out-of-pocket costs for insulin, which is fantastic for patients with diabetes. But what our research really focuses on is 2-fold. One, that expensive medications can be negotiated by Medicare for practically the first time in history. And 2, there's going to be an out-of-pocket cost for patients with Part D plans. In our current system, there's an unlimited amount of money patients can spend on drug costs. And we know from our research for prostate cancer medications, for other expensive oral anti-cancer medications, this looks like $10,000 to $15,000. The Inflation Reduction Act is going to cap this at $2,000 starting in 2025. It's really a monumental change for patients, and it is a massive win for our health care system. It's a massive win for physicians who are trying to prescribe these medications. And of course, most of all, it's a massive win for patients who need access to these medications.
This transcription has been edited for clarity.