Fierce Health Payer September 16, 2021
A collection of venture capital funds that invest in pharma and biotech startups issued a dire warning that funding for new drugs will dry up if Democrats move forward with giving Medicare the power to negotiate drug prices for certain drugs and extend those prices to commercial plans.
“Investments won’t just be reduced, it will drop off a cliff,” said John Stanford, executive director of venture capital coalition Incubate, during the briefing Wednesday in Washington, D.C.
The briefing is the latest escalating rhetoric from the pharmaceutical industry as Democrats aim to include broad Medicare drug price negotiation powers in a $3.5 trillion infrastructure package expected to be voted on this fall. Venture firms said that giving Medicare broad authority to negotiate lower...