Novartis CEO Narasimhan Suggests Possible Legislative Action To Reverse Inflation Reduction Act’s Impact On Drug Prices: What Can And Can’t Be Done Repeal and replace of the Inflation Reduction Act isn't going to happen. But agencies such as CMS, tasked with carrying out the law, must interpret and administer the legislation. In so doing, the public (which includes drug makers) can provide CMS with input to help shape implementation of the law.