Merck, AstraZeneca, Bristol Myers Squibb to participate in Medicare drug price negotiations
Publishing timestamp: 2023-09-28 09:57:24
Summary
The article discusses how Merck, AstraZeneca, Bristol Myers Squibb, and Boehringer Ingelheim have agreed to participate in the first round of Medicare drug price negotiations, despite previously suing to stop the process. These negotiations aim to control the rising costs of prescription drugs for older Americans. If drugmakers refuse to engage in negotiations, they could face significant penalties. The pharmaceutical industry opposes the process, but analysts expect minimal financial losses for companies initially. The negotiations are part of the Inflation Reduction Act, which allows Medicare to negotiate drug prices for the first time.
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Keywords: business news, biotechnology, bristol-myers squibb co, pharmaceuticals, merck & co inc, johnson & johnson, business, social issues, astrazeneca plc, biotech and pharmaceuticals, health care industry,
Source: https://www.cnbc.com/2023/09/27/diabetes-medicare-drug-price-negotiations.html