Big drug companies sue Biden administration over drug price cuts
AUSTIN, Texas – A major pharmaceutical company filed suit Wednesday against the Biden administration for allowing Medicare to negotiate lower drug prices.
The manufacturer, Pharmaceutical Research and Manufacturers of America (PhRMA) has called the law controlling drug prices unconstitutional.
Its attorneys told a Texas court that the provision gave the U.S. Department of Health and Human Services (HHS) too much power.
Senate Finance Committee Chairman Ron Wyden said it was no surprise that drug companies want to stop Medicare.
Previously, drugmaker Merck, the U.S. Chamber of Commerce, and Bristol Myers Squibb filed lawsuits challenging the provision.
They said the provision to make drugs available at affordable prices would jeopardize innovation.
In its lawsuit, PhRMA sought a permanent injunction to stop the negotiation process.
The government will soon select the first 10 drugs to be covered by the provision. The new prices are scheduled to take effect in 2026.
The Medicare negotiation provision has been a key demand of progressive politicians, including Senator Bernie Sanders, for several years.
A Congressional Budget Office analysis last year found that the U.S. would save nearly $290 billion by being able to negotiate lower drug prices.
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