On Tuesday, US Pres. Joe Biden's administration released its list of the first 10 prescription medicines that will enter the first-ever price negotiations between the nation's Medicare program and Big Pharma.
Biden's Inflation Reduction Act (IRA) allows the US government to negotiate drug prices through the Medicare program. Historically, pharmaceutical companies have been unregulated in the price they could charge for life-saving medications.
Republicans have led an unconscionable effort to deny Medicare the right to negotiate drug prices. Pres. Biden stepped in with the Inflation Reduction Act, which will not only help millions of elderly and marginalized Americans afford crucial medicines but will also decrease the federal deficit for years to come. This is a win for everyone.
The only thing this provision will achieve is years of litigation as companies rightfully defend themselves against this attack. This development will force drug makers to decide between earning enough in sales to fund their research, development, and operations and investing in new cutting-edge life-saving drugs, as the government threatens them with financial ruin if they don't comply.