Federal judge declines to block Medicare drug price negotiations
Publishing timestamp: 2023-09-29 23:03:17
Summary
The article discusses how a federal judge has declined to block the Biden administration from implementing Medicare drug price negotiations. The judge denied a preliminary injunction sought by the Chamber of Commerce, which aimed to block price talks before October 1. The ruling is seen as a blow to the pharmaceutical industry, which views the process as a threat to its revenue growth, profits, and drug innovation. The article also mentions that the Chamber of Commerce and drugmakers like Merck and Johnson & Johnson have filed lawsuits arguing that the program violates their due process rights. The Medicare drug price negotiations are expected to save the insurance program an estimated $98.5 billion over a decade.
Sentiment: MIXED
Tickers: ABBV, MRK, AZN-GB, BMY, JNJ,
Keywords: astrazeneca plc, government and politics, johnson & johnson, biotechnology, merck & co inc, pharmaceuticals, business, medicare health plans, medicare part d, business news, abbvie inc, donald trump, united states, bristol-myers squibb co, social issues, biotech and pharmaceuticals, joe biden, breaking news, lawsuits, health care industry,