Form 10-K IDEAYA Biosciences, Inc For: Dec 31
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Congress Passes American Rescue Plan; Health Coverage Provisions Could Have Lasting Impacts | Manatt, Phelps & Phillips, LLP
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The
American Rescue Plan Act of 2021 (ARPA) provides $1.9 trillion in relief funding to address the COVID-19 pandemic, support the US economy, and provide relief for impacted Americans. Signed into law by President Joseph R. Biden on March 11, 2021, ARPA includes provisions affecting healthcare providers, who remain on the frontlines of the pandemic as the new law takes effect.
The $1.9 trillion package reinforces the nation’s healthcare safety net with funding for rural health providers, community health centers, and skilled nursing facilities. It also makes modifications to the Medicare and Medicaid programs, boosts funding for behavioral health needs and resources, and expands access to individual health insurance coverage.
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The American Rescue Plan Act of 2021, the US$1.9 trillion stimulus package expected to be passed by Congress and signed into law by President Biden by March 14, 2021, contains the first drug pricing legislative action being taken under the new Biden administration.
The American Rescue Plan Act of 2021 includes a provision that eliminates the statutory cap on rebates drug manufacturers pay to Medicaid. These rebates act as a discount off the purchase price and eliminating the cap means that drug company discounts paid to Medicaid can rise. Prior to this change, drug manufacturers could have paid up to 100 percent of the Average Manufacturer Price in rebates to state Medicaid programs for Medicaid-covered drugs.