White Paper | No. 1 | March 2023
The Inflation Reduction Act (IRA) requires CMS to determine a “lowest maximum fair price” for
certain drugs, and to consider data on costs and health benefits in its decision-making. The law
raises questions about whether similar opportunities exist to achieve savings elsewhere in the
health care system. Prior work suggests such opportunities, but the efforts have also identified
evidence gaps for non-drug interventions as a key barrier. This paper examines goals of the
Broader Value Initiative to help the field generate more and better evidence on the value of
health services and procedures.