JnJ sues in latest bid to halt Medicare drug price negotiations
Johnson & Johnson sued the U.S. government on Tuesday, becoming the latest drugmaker seeking to block a program that gives the Medicare government health insurance plan the power to negotiate lower drug prices.
The pharmaceutical industry says the drug price negotiation program under President Joe Biden's signature Inflation Reduction Act law will curtail profits and compel drugmakers to curb development of groundbreaking new treatments.
With Americans paying more for prescription medicines than any other country, the Biden administration hopes to save $25 billion annually by 2031 by having Medicare negotiate prices for some of the costliest medicines used by its beneficiaries, who are 65 and older.
U.S. drugmakers Bristol Myers Squibb and Merck & Co as well as the U.S. Chamber of Commerce and the industry lobby group the Pharmaceutical Research and Manufacturers of America have also sued the government over the plan. The Chamber of Commerce has sought an injunction to stop its implementation.
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