The Biden administration announced it will impose inflation penalties on 64 prescription drugs covered under Medicare Part B for the third quarter of 2024. A provision in Biden's Inflation Reduction Act requires drugmakers to pay rebates to Medicare if they increase the price of a medication faster than the rate of inflation. Some Medicare patients may save more than $4,000 per quarter on drugs facing inflation penalties. Over 750,000 Medicare recipients use the 64 drugs facing penalties each year.