The pharmaceutical lobby strongly opposed the Biden administration’s plan to directly negotiate drug prices for 10 medications with Medicare. PhRMA argued this will hurt innovation, but advocates note that drug companies make 76% more than needed for R&D. Eliquis, which costs Medicare over $16 billion, will be subject to negotiations. The policy was enabled by the Inflation Reduction Act, which PhRMA spent millions lobbying against. PhRMA sued over the negotiations, but the DOJ moved to dismiss the case. Advocates believe this defeat of Big Pharma will not be the last as negotiations may expand to over 100 drugs in the future, greatly helping seniors and people with disabilities access affordable medications.

  • morrowind@lemmy.ml
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    1 year ago

    I image they’ll just recoup the profit on the next 10 most popular drugs were they can gouge.

    If they could gouge them, they probably would be doing so already.