Merck, Bristol Myers Squibb, the U.S. Chamber of Commerce and PhRMA filed separate lawsuits against the provision last month.

Johnson & Johnson sued the Biden administration over Medicare’s new powers to slash drug prices, making it the third pharmaceutical company to challenge the controversial provision of the Inflation Reduction Act.

  • MicroWave@lemmy.worldOPEnglish
    1522·
    1 year ago

    This is why they’re mad

    President Joe Biden’s Inflation Reduction Act, which passed in 2022 by a narrow party-line vote, empowered Medicare to negotiate drug prices for the first time in the program’s six-decade history.

    The provision aims to make drugs more affordable for older Americans but will likely reduce pharmaceutical industry profits.

    • Furbag@lemmy.worldEnglish
      7·
      1 year ago

      empowered Medicare to negotiate drug prices for the first time in the program’s six-decade history.

      This is long overdue. Both my parents are on Medicare and they say the prices for some commonplace things are truly absurd, and it all has to do with the fact that the government legally can’t negotiate the price, so whatever price the pharmaceutical companies set is what gets paid.

      Allowing the government to negotiate the price would benefit 99.9% of people and harm only CEOs and billionaires, so you can expect this to fail spectacularly.