Since President Biden signed the Inflation Reduction Act into law on 16 August 2022, the biopharma industry has been in a state of collective agitation and unrest. The IRA’s Medicare Drug Price Negotiation section allows Medicare to negotiate directly with drug companies for branded drugs covered under Medicare Part B and Part D. Now less than two years away from the first 10 Part D drug limits being implemented and four years away from the first batch of Part B drugs, industry-wide debate continues as to whether the IRA will significantly stifle innovation, particularly for small molecules, or whether it will be nothing more than a necessary part of doing business in the US.
Under the IRA, small molecule drugs without generic competition that are in the top 50 in terms of Medicare spending...
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