Johnson & Johnson sues Biden administration over Medicare drug price negotiations

MicroWave@lemmy.world to politics @lemmy.world – 314 points – Johnson & Johnson sues Biden administration over Medicare drug price negotiations
cnbc.com

Johnson & Johnson sued the Biden administration over Medicare’s new powers to slash drug prices, making it the third pharmaceutical company to challenge the controversial provision of the Inflation Reduction Act.

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This is why they're mad

President Joe Biden’s Inflation Reduction Act, which passed in 2022 by a narrow party-line vote, empowered Medicare to negotiate drug prices for the first time in the program’s six-decade history.

The provision aims to make drugs more affordable for older Americans but will likely reduce pharmaceutical industry profits.

Oh noes not the billion dollar company's profits! Anything but the profits!

Oh no those poor billionaires! They won’t be able to rob people of their savings nearly as effectively. That might even slow down the purchase of their next yacht. How horrible!

empowered Medicare to negotiate drug prices for the first time in the program’s six-decade history.

This is long overdue. Both my parents are on Medicare and they say the prices for some commonplace things are truly absurd, and it all has to do with the fact that the government legally can't negotiate the price, so whatever price the pharmaceutical companies set is what gets paid.

Allowing the government to negotiate the price would benefit 99.9% of people and harm only CEOs and billionaires, so you can expect this to fail spectacularly.