The Inflation Reduction Act (IRA), signed into law in August 2022, impacted a wide range of tax laws and touched many aspects of government. Significantly, part of the IRA provides Medicare with the ability to negotiate the prices of certain high-cost, qualifying single-source drugs. For the consumer, this means that Medicare will be able to negotiate directly with drug companies to lower the price of some of the most expensive Medicare Part D drugs. This was seen by many as an incredible achievement for the Biden administration, but was highly controversial within the pharmaceutical community, where the IRA was seen as a blow to the industry.