Eli Lilly CEO David Ricks on Tuesday said Medicare price negotiations, which aim to cut costs for older Americans, could potentially harm drug development.
"I'm really worried about the harm this will do to new cures and possibilities in medicine," Ricks said in an interview on CNBC's "The Exchange."
He's the latest pharmaceutical executive to publicly blast the provision and law at large, which will likely reduce company profits.
Global drugmaker Merck last week sued the Biden administration over Medicare price negotiations in a bid to weaken the program.
Under the IRA provision, Medicare can start negotiating prices on small-molecule drugs as early as nine years after they receive Food and Drug Administration approval, compared with 13 years for biologics.
Persons:
Eli Lilly, David Ricks, I'm, Ricks
Organizations:
Biden, Global drugmaker Merck, Drug Administration