Inflation Reduction Act could be "game-changing" for millions of U.S. seniors

The Inflation Reduction Act represents the most important effort in decades to reform how drug prices are set in the U.S., experts say.

"This is going to be game-changing," Rena Conti, an associate professor at Boston University's Questrom School of Business who studies drug pricing, said of the bill, which passed in the Senate on Sunday and which House lawmakers could vote on as early as Friday. 

Read on to learn what the bill — which also proposes to invest $400 billion to fight climate change and raise taxes on corporations — would do to lower spiraling drug prices.