The U.S. government’s first-ever negotiated prices for prescription drugs are still on average more than double, and in some cases five times, what drugmakers have agreed to in four other high-income countries, a Reuters review has found.
Tag Archive for: Inflation Reduction Act
Amgen’s Enbrel, Bristol Myers Squibb’s Eliquis and Johnson & Johnson’s Stelara will account for 51.4% of the Inflation Reduction Act’s drug price negotiation savings in 2026, according to the Brookings Institution.
When it comes to designing clinical trials for rare and ultra-rare diseases, there are greater challenges companies must overcome in comparison to chronic disease studies.
The Biden administration on Thursday announced that the Inflation Reduction Act’s Medicare Drug Price Negotiation Program will save the U.S. government around $6 billion in its first year of implementation.
In the latest setback for the pharma industry and its allies, the United States District Court for the Southern District of Ohio dismissed a U.S. Chamber of Commerce lawsuit on the grounds of improper venue.
Reiterating his ruling in a prior Inflation Reduction Act case, New Jersey District Court Judge Zahid Quraishi ruled that Novo Nordisk’s participation in the Medicare Drug Price Negotiation Program is of its own free will.
Today’s serving of alphabet noodle soup to the biopharma industry – IRA, JCA, AAV, VC, and PM to list just five – may seem unpalatable, but the bigger picture is enticing. To focus disproportionately on the challenges is an understandable, tactical response, but we feel that the industry is on the cusp of a new era of growth and transformation, and that this should be celebrated.
In its lawsuit filed in August 2023, the pharma argued that the negotiation program is voluntary only in name. By leveraging Medicare and Medicaid—which account for around half of the market—the government is essentially forcing the companies to participate in the drug price negotiations.
When the Inflation Reduction Act rolled out in January 2023, a key tenet of the legislation was the associated Affordable Insulin Now Act, which caps the price of insulin products at $35 per month for Medicare Part D enrollees. Two months later, Novo Nordisk announced that in response, the firm was going to chop the cost of various insulin products by up to 75%.
At the event, Biden and Sanders discussed issues including patent thickets, the cost of asthma inhalers and insulin, and proposals to expand the Medicare price negotiation provision of the 2022 Inflation Reduction Act.