Forbes September 18, 2023
The Inflation Reduction Act (IRA) has recently been the subject of a lot of rhetoric. While the IRA covers a number of areas, the one getting the most attention has been its provision allowing Medicare to set prices for proprietary drugs that are still covered by patents. This Act, which passed with bipartisan support, will save Medicare billions of dollars. Unfortunately, it will also result in significantly less revenue for the biopharmaceutical industry thus requiring meaningful cuts in biopharma R&D. As a result, there will be fewer new medicines available to patients around the world.
Ironically, these savings, while meaningful, will not have a major effect on lowering the nation’s enormous health care bill. That’s because prescription drugs make up...
Today's Sponsors
Today's Sponsor