Joe Selvaggi talks with Pioneer Institute’s senior fellow Dr. Bill Smith about the changes to drug pricing laws included in the recently passed Inflation Reduction Act provisions and discuss who wins and loses as drug companies announce their response to new law.

As a way to tackle drug prices, President Joe Biden recently announced that he supports the so-called “inflation rebate,” which would require drug companies to give the federal government any revenue from Medicare drug prices above the general rate of inflation. Senate Finance Committee Chairman Ron Wyden and House Speaker Nancy Pelosi have also publicly endorsed the inflation rebate.