Spherix Global Insights Announces New Study on Impact of Inflation Reduction Act (IRA) on Specialty Practices and Key Insights for Biopharmaceutical Companies in 2025.
Exton, PA., December 10, 2024 – In 2022, the U.S. Congress enacted the Inflation Reduction Act (IRA), a landmark piece of legislation aimed at addressing various national priorities, including the reduction of prescription drug costs. With key provisions of this reform set to take effect in the coming year, Spherix Global Insights has conducted research to assess U.S. specialists’ awareness and perceptions of its potential impact.
The findings are now available in the recently published Special Topix™: Impact of the IRA on Specialty Practices service, offering key takeaways from over 300 physicians across dermatology, gastroenterology, rheumatology, neurology, nephrology and ophthalmology specialties. This research, conducted in mid-November 2024, provides biopharmaceutical manufacturers with essential, actionable insights into how the IRA will shape practice management, product selection, and patient education within specialty care, while highlighting the opportunities and challenges arising from its implementation.
Key learnings from the study reveal that while many specialists have a general awareness of the IRA, there is significant confusion about the changes coming in 2025, with a particular gap in understanding the intricacies of key provisions, such as the out-of-pocket (OOP) caps and the removal of the “donut hole” in Medicare coverage. Specialists indicated a strong need for further education and support on these aspects, particularly regarding how these changes might impact their prescribing decisions and practice management. Once respondents were provided with stimuli explaining various components of the IRA, such as drug cost smoothing, specialists acknowledged their potential to significantly impact care, especially in how they make treatment decisions based on patient affordability.
Although awareness of specific IRA provisions remains low among specialists, there is a general consensus that the legislation will improve affordability for seniors. Rheumatologists expressed optimism about the anticipated enhancements in patient care; however, many specialists also raised concerns that some provisions of the IRA could unintentionally restrict access. Additionally, physicians noted that most of their patients are largely unaware of the IRA’s details, highlighting a pressing need for educational support. When seeking information about these changes, specialists primarily turn to Medicare and CMS websites, emphasizing the importance of providing clear and accessible resources.
Indeed, specialists across the board have shown significant interest in educational materials on the IRA for themselves, their staff, and their patients. Notably, a large portion of physicians, excluding dermatologists, expressed interest in pharmaceutical companies providing essential resources to bridge these educational gaps. Several specialists also noted that lunch-and-learn events on the IRA, particularly for office staff, could present valuable opportunities to engage with high-priority accounts that may have been difficult to reach otherwise.
“Specialists are eager for support in understanding and implementing the upcoming changes from the IRA, but there remains a significant gap in knowledge,” said Bob Shewbrooks, Franchise Leader at Spherix. “This report offers biopharma companies an invaluable opportunity to connect with healthcare providers in a meaningful way, provide the information they need, and ultimately improve patient care.”
Special Topix™ is an independent service that includes access to a report or series of reports based on current events or topics of interest in specialty markets covered by Spherix.
About Spherix Global Insights
Spherix is a leading independent market intelligence and advisory firm that delivers commercial value to the global life sciences industry, across the brand lifecycle.
The seasoned team of Spherix experts provides an unbiased and holistic view of the landscape within rapidly evolving specialty markets, including dermatology, gastroenterology, rheumatology, nephrology, neurology, ophthalmology, and hematology. Spherix clients stay ahead of the curve with the perspective of the extensive Spherix Physician Community.
As a trusted advisor and industry thought leader, Spherix’s unparalleled market insights and advisory services empower clients to make better decisions and unlock opportunities for growth.
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Spherix Global Insights Contacts
Bob Shewbrooks, Neurology and Ophthalmology Franchise Head
bob.shewbrooks@spherixglobalinsights.com
NOTICE: All company, brand or product names in this press release are trademarks of their respective holders. The findings and opinions expressed within are based on Spherix Global Insight’s analysis and do not imply a relationship with or endorse.
