In August 2022, President Biden signed into effect the Inflation Reduction Act (IRA), a new law containing provisions related to prescription drug costs. KFF Health Tracking Poll (September 15-26, 2022 found 84% of Democrats more likely to vote for a candidate supporting placing a limit on out-of-pocket prescription drug costs for people with Medicare compared with 48% of Republicans. 83% of Democrats were more likely to vote for a candidate supporting capping monthly out-of-pocket costs for insulin for people with Medicare compared with 47% of Republicans. 79% of Democrats were more likely to vote for a candidate supporting authorizing the federal government to negotiate the price of some prescription drugs for people with Medicare compared with 38% of Republicans.
Drug price regulation refers to the United States government imposing price restrictions on prescription drugs to bring down costs on individuals.