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Top related persons:
Johnson - 2 Joe Biden's - 2 Biden - 2 Bhanvi - 2 drugmakers - 1 Janssen - 1 Michael Erman - 1 Krishna Chandra Eluri - 1
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Bengaluru U.S District of New Jersey New Jersey
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Johnson - 2 U.S - 2 drugmakers Bristol Myers Squibb - 2 Merck & Co - 2 U.S . Chamber of Commerce - 2 Pharmaceutical Research - 2 Manufacturers of America - 2 Thomson - 2

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☆ J&J sues in latest bid to halt Medicare drug price negotiations
  + stars: | 2023-07-18 | by ( Shearman Real Estate Finance Partner Is Latest Exit As Merger Looms | Sara Merken | July | ) www.reuters.com   time to read: +2 min
July 18 (Reuters) - Johnson & Johnson (JNJ.N) 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. The U.S. Centers for Medicare and Medicaid Services (CMS) in September is expected to select the first 10 drugs to target for negotiations with settled prices set to take effect in 2026. The law is on our side," a spokesperson for the U.S. Department of Health and Human Services said in a statement. It broadly follows the other related lawsuits, arguing that the program is unconstitutional and amounts to "confiscation of constitutionally protected property."
Persons: Johnson, Joe Biden's, drugmakers, Biden, Janssen, Bhanvi, Michael Erman, Krishna Chandra Eluri, Susan Heavey Organizations: Johnson, U.S, drugmakers Bristol Myers Squibb, Merck & Co, U.S . Chamber of Commerce, Pharmaceutical Research, Manufacturers of America, Commerce, U.S . Centers, Medicare, Medicaid Services, U.S . Department of Health, Human Services, District of, Thomson Locations: U.S, District of New Jersey, Bengaluru, New Jersey
☆ J&J sues US govt to halt Medicare drug price negotiation plans
  + stars: | 2023-07-18 | by ( Shearman Real Estate Finance Partner Is Latest Exit As Merger Looms | Sara Merken | July | ) www.reuters.com   time to read: +1 min
July 18 (Reuters) - Johnson & Johnson (JNJ.N) sued the U.S. government on Tuesday, becoming the latest drugmaker seeking to block enforcement of a program that gives Medicare the power to negotiate drug prices. The pharmaceutical industry says the drug price negotiation program that is part of President Joe Biden's signature Inflation Reduction Act (IRA) will curtail profits and compel them to pull back on developing groundbreaking new treatments. U.S. drugmakers Bristol Myers Squibb (BMY.N), Merck & Co (MRK.N) and the U.S. Chamber of Commerce as well as industry lobbies Pharmaceutical Research and Manufacturers of America have also sued the government over the plan. The Biden administration hopes to save $25 billion annually by 2031 by having Medicare, the government health plan for people 65 and over, negotiate prices for some of its costliest medicines. Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Johnson, Joe Biden's, Biden, Bhanvi, Krishna Chandra Organizations: Johnson, U.S, drugmakers Bristol Myers Squibb, Merck & Co, U.S . Chamber of Commerce, Pharmaceutical Research, Manufacturers of America, Thomson Locations: Bengaluru
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