President Biden has signed into law the Inflation Reduction Act containing important provisions related to prescription drug costs. JAMA Health Forum Editor John Z. Ayanian, MD, MPP, and Deputy Editor Melinda B. Buntin, PhD, discuss the effects of these provisions on patients with Aaron S. Kesselheim, MD, JD, MPH, of Harvard Medical School and Brigham and Women’s Hospital. Related Content: New Reforms to Prescription Drug Pricing in the US Estimating Rebates and Other Discounts Received by Medicare Part D Estimation of the Share of Net Expenditures on Insulin Captured by US Manufacturers, Wholesalers, Pharmacy Benefit Managers, Pharmacies, and Health Plans From 2014 to 2018 Spending by the Centers for Medicare & Medicaid Services Before and After Confirmation of Benefit for Drugs Granted US Food and Drug Administration Accelerated Approval, 2012 to 2017 Improving Prescription Drug Affordability Through Regulatory Action