Hill August 1, 2024
Top executives of drug companies suing to stop the Biden administration’s Medicare price negotiation law are telling shareholders and analysts the final price offers won’t materially impact their companies’ respective bottom lines.
The comments from executives of companies including Pfizer, Bristol Myers Squibb, Johnson & Johnson and AbbVie suggest the price cuts won’t be as steep as many in the industry initially feared.
But the executives were still adamant Medicare price negotiations under the Inflation Reduction Act (IRA), which end Thursday, will throttle innovation in the long run and expressed hope that a new administration — or industry lawsuits — will end the policy.
The IRA law “is a very big loss for innovation and for the crown...
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