The pharmaceutical industry claims negotiating prices of its products with the government health plan for Americans age 65 and older will curtail profits and compel them to pull back on developing groundbreaking new treatments.
Americans pay more for prescription medicines than any other country. The Biden administration's drug pricing reform aims to save $25 billion annually by 2031 through price negotiations for the drugs most costly to Medicare. "Congress took a series of unconstitutional shortcuts, giving the executive branch the open ended task of replacing market based prices in Medicare with an entirely new set of prices at the agency's own choosing," PhRMA general counsel James Stansel said at a press conference.
PhRMA and the other two groups are seeking an injunction against the price caps and a declaration that the IRA's price negotiation is unconstitutional.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: WSJhealth - 🏆 413. / 53 Read more »
Source: WSJ - 🏆 98. / 63 Read more »
Houston to spend millions of settlement dollars from pharmaceutical companies to fight opioid crisisThe city of Houston has created a new fund to direct millions of settlement dollars from...
Source: HoustonChron - 🏆 609. / 51 Read more »