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DETROIT (AP) — Union workers at Mack Trucks have voted down a tentative five-year contract agreement reached with the company and plan to strike at 7 a.m. Monday, the United Auto Workers union says. Union President Shawn Fain said in a letter to Mack parent company Volvo Trucks that 73% of workers voted against the deal in results counted on Sunday. Union leaders had reached a tentative agreement on the deal on Oct. 1. Fain wrote that UAW members and workers across the country are seeking their fair share in wages and benefits. Mack Trucks President Stephen Roy said in a statement Sunday night that the company is “surprised and disappointed” that the union chose to strike.

Persons: Mack Trucks, Shawn Fain, Mack, Fain, Ford, Stephen Roy, ” Organizations: DETROIT, —, Mack, United Auto Workers, Volvo Trucks, UAW, Union, North America, General Motors, Ford, GM Locations: Pennsylvania , Maryland, Florida, U.S

☆ Mack Trucks workers get 19% raise over 5 years in UAW contract
▼ + stars: | 2023-10-05 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

[1/2] Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 5 (Reuters) - Workers will receive a 19% pay hike over five years under an agreement with Volvo Group-owned Mack Trucks and the United Auto Workers, according to a summary of the tentative agreement seen by Reuters. The agreement includes an immediate 10% pay hike upon ratification. "The terms of this tentative agreement would deliver significantly increased wages and continue first-class benefits for Mack employees and their families," Mack President Stephen Roy said in a statement earlier this week. Mack, founded in 1900, is one of North America's largest manufacturers of medium-duty and heavy-duty trucks, engines and transmissions.

Persons: Rebecca Cook, Mack Trucks, Mack, Stephen Roy, David Shepardson, Chizu Nomiyama, David Gregorio Our Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Workers, Volvo Group, Reuters, Volvo, Thomson Locations: Delta Township, Michigan, North America's

Also included is diabetes treatment Jardiance, which was used by nearly 1.6 million Medicare enrollees and had a 2022 out-of-pocket cost per enrollee of $490. In all last year, 9 million seniors and other Medicare beneficiaries paid more than $3.4 billion on these 10 drugs alone, the White House said. “For decades, drug companies in America made record profits while big pharma worked to block Medicare from being able to negotiate lower drug prices for seniors. Even with with Tuesday's prescription drugs announcement, however, the process could still be complicated by lawsuits from drugmakers and sharp criticism from Republicans. Biden noted that the drug manufacturers' agreeing to participate followed a court decision allowing Medicare price negotiation plans to move forward.

Persons: Joe Biden, White, “, ” Biden, Biden, ” Organizations: WASHINGTON, Medicare, Services, Democratic, Biden Locations: America, Atlanta

☆ Unleashing a New Weapon on the Mosquito: A Mosquito
▼ + stars: | 2023-09-29 | by ( Stephanie Nolen | Eleanor Lutz | ) www.nytimes.com time to read: +17 min

Anggy Aldana working at the World Mosquito Program lab in Medellín, Colombia. Researchers found, after painstaking trial and error, that they could insert the bacteria into mosquito eggs using minute needles. How mosquito eggs are injected with Wolbachia A looping video showing a thin needle injecting fluid into a row of black mosquito eggs. How Wolbachia spreads among wild mosquitoes A series of three illustrations showing the outcomes of breeding between wild mosquitoes and mosquitoes infected with Wolbachia. Mosquito eggs and a tray of chilled mosquitoes at the World Mosquito Program lab.

Persons: Eleanor Lutz, Wolbachia, Scott O’Neill, —, O’Neill’s, Steven Sinkins, Marlon Victoria, ”, Victoria, “, O’Neill, It’s, Laura Harrington, They’re, won’t, ” Mr Organizations: Mosquito Program, Mosquito, Brazil —, FRANCE Croatia United, ARGENTINA CHILE Americas, CHILE Americas, University of Glasgow, —, Medellín Health, Colombian, Cornell University Locations: Medellín, Colombia, Cali, Honduras, Australia, Australian, Vietnam, Indonesia, France, Florida and Texas, Brazil, Americas, African, Asia, Europe, FRANCE Croatia United States PORTUGAL JAPAN CHINA Texas PAKISTAN Florida EGYPT INDIA MALI MEXICO PHILIPPINES SUDAN ETHIOPIA Colombia SOMALIA INDONESIA BRAZIL ANGOLA PERU NAMIBIA AUSTRALIA, AFRICA Africa, Oceania, ARGENTINA CHILE, FRANCE Croatia United States PORTUGAL JAPAN CHINA Texas Florida EGYPT, MEXICO MALI PHILIPPINES SUDAN Colombia SOMALIA INDONESIA BRAZIL ANGOLA PERU NAMIBIA AUSTRALIA ARGENTINA Africa, CHILE, Africa, United States, Kuala Lumpur, Malaysia, Wolbachia, Siloé, West Africa, Medellin

DETROIT (AP) — The United Auto Workers union says its two-week strike against Detroit automakers will spread to 7,000 more workers at a Ford plant in Chicago and a General Motors assembly factory near Lansing, Michigan. Union President Shawn Fain told workers on a video appearance Friday that negotiations haven’t broken down but Ford and GM have refused to make meaningful progress. The GM plant in Delta Township, near Lansing, makes large crossover SUVs such as the Chevrolet Traverse and Buick Enclave. The Chicago Ford plant makes the Ford Explorer and Explorer Police Interceptors, as well as the Lincoln Aviator SUV. The union went on strike Sept. 15 when it couldn’t reach agreements on new contracts with the companies.

Persons: Shawn Fain, Stellantis, Fain, ” Fain, “ I’m, ”, Gerald Johnson, “, doesn’t, ” Johnson, Ford, ____ Koenig Organizations: DETROIT, United Auto Workers, Detroit, General Motors, Union, Ford, GM, Chevrolet Traverse, Buick, Chicago Ford, Ford Explorer, Explorer Police, Lincoln Aviator, Facebook, UAW Locations: Chicago, Lansing , Michigan, Delta Township, Lansing, Missouri , Ohio, Michigan, Dallas

U.S. President Joe Biden delivers remarks on Social Security and Medicare at the University of Tampa in Tampa, Florida, U.S. February 9, 2023. The ruling is the first to come from multiple lawsuits by drug companies and industry groups challenging the program. The drug price negotiation program is part of the Inflation Reduction Act, which Biden, a Democrat, signed last year. The Biden administration has repeatedly said there is nothing in the Constitution that prohibits drug price negotiations. Many other countries already negotiate drug prices.

Persons: Joe Biden, Jonathan Ernst, vindicating, Joe Biden's, Michael Newman, Biden, drugmakers, Newman, Karine Jean, Pierre, Donald Trump, Johnson, Januvia, Bristol Myers, Boehringer, Brendan Pierson, Nate Raymond, Costas Pitas, Alexia Garamfalvi, Bill Berkrot, Chris Reese, Leslie Adler Organizations: Social Security, University of Tampa, REUTERS, U.S, District, U.S . Chamber of Commerce, Medicare, Commerce, U.S . Justice, Republicans, Big Pharma, Republican, U.S . Centers, Medicaid Service, CMS, Bristol Myers Squibb, Pfizer, Johnson, Merck, Co's, Pharmaceutical Research, Manufacturers of America, Companies, Thomson Locations: Tampa , Florida, U.S, Dayton , Ohio, New York, Boston

DETROIT (AP) — The United Auto Workers union says it will announce on Friday how it plans to expand its strike against Detroit's three automakers. The union says President Shawn Fain will make the announcement at 10 a.m. Eastern time in a video appearance addressing union members. Additional walkouts will take place at noon Friday without serious progress in contract talks, the union said. The union went on strike Sept. 14 when it couldn't reach agreements on new contracts with Ford, General Motors and Jeep maker Stellantis. Masters doesn't think Fain will announce that the whole union will go on strike yet.

Persons: Shawn Fain, Ford, Fain, ” Masters, Masters, ____ Koenig Organizations: DETROIT, United Auto Workers, Detroit's, Ford, General Motors, GM, Wednesday, Marick, Wayne State University Locations: Missouri , Ohio, Michigan, Detroit, Dallas

☆ Working women spend $15.4 billion more than men in out-of-pocket health costs, study finds
▼ + stars: | 2023-09-26 | by ( Bertha Coombs | ) www.cnbc.com time to read: +1 min

High health care costs are hitting women in the U.S. workforce much harder than men. Working women spend $15.4 billion more in out-of-pocket health expenses annually compared to their male counterparts, according to a new analysis of employer-sponsored health plans from Deloitte Consulting. The study found women spend 18% more than men on co-pays and deductibles, on average. The takeaway being that women get paid less, and that they pay more for health care," said Dr. Kulleni Gebreyes, U.S. chief health equity officer at Deloitte Consulting. Women tend to utilize more medical care than men, in part due to annual gynecological exams and the high costs of breast cancer imaging.

Persons: Kulleni Gebreyes Organizations: Deloitte Consulting, Deloitte Locations: U.S

☆ Victor R. Fuchs, ‘Dean’ of American Health Care Economists, Dies at 99
▼ + stars: | 2023-09-21 | by ( Clay Risen | More About Clay Risen | ) www.nytimes.com time to read: +1 min

Victor R. Fuchs, whose comprehensive grasp of the challenges facing the United States health care system, and eloquence in explaining those challenges to policymakers and the general public, made him what many called the “dean” of American health care economists, died on Saturday at his home on the campus of Stanford University in Palo Alto, Calif. Dr. Fuchs was best known for a slim, erudite book published in 1975 with the attention-grabbing title “Who Shall Live? Health, Economics and Social Choice.” He was among the first to articulate in clear, layman’s prose why the United States was in the midst of rapidly rising health care costs, while costs in other countries stayed manageable. The book has become required reading among physicians, health economists and anyone interested in the knotty issue of American health care, and it has never been out of print. Dr. Fuchs showed that the real problem facing the country was not health care coverage but health care costs; America, he wrote, was spending more and more without achieving better health outcomes.

Persons: Victor R, Fuchs, Fred Organizations: Stanford University, Health Locations: United States, Palo Alto, Calif, America

☆ Arizona heat almost killed Lois Nigrin. Her coma, burns, and medical bills show the dangers of heat that many Americans face today.
▼ + stars: | 2023-09-21 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +12 min

AdvertisementAdvertisement"I don't think I had a true understanding of what heatstroke was," Lois Nigrin told Insider. Lois Nigrin was feeling tired and didn't want to climb the rocks, so they turned around. Lois Nigrin has no memory of that interaction, even when she looks at the photo. At one point, Lois Nigrin said, they asked her to draw a clock showing the time 3 o'clock. "Probably the best thing that I ever felt was that airplane landing and being back home," Joe Nigrin said.

Persons: Lois Nigrin, Joe, heatstroke, She's, Lois, Yoon, Joe Nigrin, Kevin Foster, Lois Nigrin's, Lois Lois Nigrin didn't, she'd, It's, couldn't, Lois Lois Nigrin's, she's Organizations: Arizona Burn, Arizona Burn Center, NASA, Center for American Progress Locations: Arizona, Nebraska, Phoenix, New Mexico

☆ These 5 strategies can help you avoid surprise medical bills
▼ + stars: | 2023-09-18 | by ( Sponsor Post | Created Unitedhealthcare S Surest With Insider Studios | ) www.businessinsider.com time to read: +6 min

Other recent regulations require hospitals to post prices online, and while these efforts offer important protections for people, there are various other ways to help avoid an unexpected medical bill. To help avoid that, confirm with your health plan that any services or tests are covered under your benefits. Negotiate surprise billsIn the event of a surprise bill, there are several steps to pursue. No one wants a surprise medical bill. Learn more about how to avoid surprise medical bills at surest.com.

Persons: Donna O'Shea, — Organizations: Population Health, Insider Studios Locations: surest.com

☆ Big pharma's blockbuster obesity drug battle is just getting started, and it's headed for $100 billion
▼ + stars: | 2023-09-09 | by ( Bob Woods | ) www.cnbc.com time to read: +13 min

In this article LLYNOVO.B-DK Follow your favorite stocks CREATE FREE ACCOUNTOzempic drug to treat diabetes. Since Wegovy and Mounjaro have been on the market, "neither company can make the drug fast enough," she said. The Food and Drug Administration approved Ozempic in 2017 for diabetes and Wegovy in 2021 to treat obesity. Mounjaro, introduced in 2022 to treat diabetes, contains GLP-1, plus GIP, a similar appetite suppressor that can lead to weight loss. Coverage for Mounjaro ($1,023 per month) to treat diabetes varies based on an individual's insurance plan and drug benefits.

Persons: Eli Lilly, Novo's, Lilly's, Emily Field, Lilly, David Ricks, CNBC's Jim Cramer, Ozempic, Novo, Mounjaro, George Frey, Lars Fruergaard Jorgensen, Wajahat Mehal, Tom Carper, Bill Cassidy of, We've, Camilla Sylvest, there's, Sylvest, Cowen, What's, It's, Mike Mason, Amgen, Emmanuel Papadakis Organizations: Novo Nordisk, Pfizer, Amgen, Barclays, Nordisk, Drug Administration, Mounjaro, SVB Securities, Food and Drug Administration, Pharmacy, Reuters Novo, Novo, Wegovy, European Union, Medicare, Yale School, Metabolic, Congressional Black Caucus, CDC, pharma, American Medical Association, , Big Pharma, American Diabetes Association, Deutsche Bank Locations: Lilly, Denmark, Provo , Utah, U.S, European, Delaware, Bill Cassidy of Louisiana, Novo, Kalundborg, Hillerød, Boone County , Indiana

☆ Opinion | Wonking Out: Is the Fiscal Picture Getting Better or Worse? Yes.
▼ + stars: | 2023-09-08 | by ( Paul Krugman | ) www.nytimes.com time to read: 1 min

A decade ago the U.S. political and media establishment was obsessed with budget deficits. This obsession did a lot of harm, helping to deprive the economy of fiscal support after the 2008 financial crisis and keeping unemployment unnecessarily high for years. And you don’t have to be a Very Serious Person to worry, at least a bit, about continuing budget deficits. But how are things going on the fiscal front? In the short run, the deficit picture has suddenly become much worse.

A Huge Threat to the U.S. Budget Has Receded. For decades, runaway Medicare spending was the story of the federal budget. Budget news often sounds apocalyptic, but the Medicare trend has been unexpectedly good for federal spending, saving taxpayers a huge amount relative to projections. In a recent letter to the Senate Budget Committee, economists at the Congressional Budget Office described the huge reductions in its Medicare forecasts between 2010 and 2020. Medicare is growing more slowly than ever, but still more quickly than the rest of the federal budget.

Persons: Ronald Reagan, Barack Obama, that’s, ”, David Cutler, Cutler, haven’t, I’ve, Melinda Buntin, Buntin, Simpson, Bowles, aren’t, Trump, Joshua Gordon, Mitt Romney’s, “, Sherry Glied Organizations: Medicare, ”, U.S, Budget, Harvard, Obama, Affordable, Senate, Congressional, New York Times, Office, White, Office of Management, Johns Hopkins, Social Security, Congress, Federal, Veterans, NASA, Wagner School Locations: Iraq, Afghanistan, N.Y.U, Washington

☆ Biden Makes Lower Drug Prices a Centerpiece of His 2024 Campaign
▼ + stars: | 2023-08-30 | by ( Michael D. Shear | More About Michael D. Shear | ) www.nytimes.com time to read: +1 min

As he heads toward a re-election campaign next year, President Biden is betting that his success in pushing for policies intended to lower health care costs for millions of Americans will be rewarded by voters at the ballot box. In speech after speech, Mr. Biden talks about capping the cost of insulin at $35, putting new limits on medical expenses for seniors, making some vaccines free and pushing to lower the prices of some of the most expensive drugs in the world. At the White House, Mr. Biden and his advisers have already begun to elevate the issue as a centerpiece of his agenda. And at his campaign headquarters in Wilmington, Del., aides are preparing television ads, talking points and speeches arguing that Mr. Biden’s push for lower health care costs is a stark contrast with his Republican opponents. “The president will have a very strong case to make,” said Senator Amy Klobuchar of Minnesota, a member of the president’s national campaign advisory board.

Persons: Biden, Biden’s, “, ”, Amy Klobuchar Organizations: White, Republican Locations: Wilmington, Del, Minnesota

As his re-election effort gets underway, President Biden is signaling that health care — and particularly the cost of it — will be central to his campaign. “We’re taking on powerful interests to bring your health care costs down,” he has said. Biden is emphasizing the cost of health care partly because it has been one of his administration’s biggest priorities, even if other policies — such as those on the climate and infrastructure — receive more attention. His administration has reduced the cost of hearing aids, reduced the cost of health insurance for people who buy it though an Obamacare exchange and reduced an array of expenses for Medicare recipients. “Millions of people benefit from the health care provisions,” Larry Levitt, an executive vice president at KFF, a health care research group, told us.

Persons: Biden, “ We’re, ”, “ I’m, Larry Levitt Organizations: White Locations: KFF

☆ What Wall Street needs to know about UAW talks, a potential strike, and what it could all cost
▼ + stars: | 2023-08-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

AEG estimates the total economic loss by calculating potential losses to UAW workers, the manufacturers and to the auto industry more broadly if the sides cannot reach tentative agreements before the current contracts expire. $825 millionThe UAW has more than $825 million in its strike fund, which it uses to pay eligible members who are on strike. The strike pay is $500 per week for each member – up from $275 in 2022. Assuming 150,000 or so eligible workers, that's all-in weekly strike pay of about $75 million. The UAW is scheduled to hold a procedural strike authorization vote next week, which would grant union leaders the ability to strike, if warranted.

Persons: Michael Wayland, Warren Buffett's Berkshire Hathaway, Shawn Fain, there's, Melissa Atkins, Kristin Dziczek, Rebecca Cook, Stellantis, Fain, Joe Biden, Leah Millis Organizations: United Auto Workers, General Motors, Hamtramck Assembly, CNBC DETROIT, U.S, GM, Ford Motor, New UAW, UAW, Detroit, Bloomberg News, Federal Reserve Bank of Chicago's, Sterling Heights Assembly, Center for Automotive Research, Fiat Chrysler, Ford, Anderson Economic Group, AEG, Deutsche Bank, Reuters Locations: Detroit, Hamtramck, Omaha, Federal Reserve Bank of Chicago's Detroit, Sterling Heights, Sterling Heights , Michigan, U.S, Michigan, Warren , Michigan

☆ Yellen upbeat on US economy, says Bidenomics is driving investment, job growth
▼ + stars: | 2023-08-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. embassy in Beijing, China, July 9, 2023. Yellen said China's slowing growth, Russia's war in Ukraine and climate change could still pose risks to the U.S. economy and did not rule out a recession, but she felt upbeat. "I feel very good about U.S. prospects overall," Yellen told reporters, noting that inflation and the unemployment rate had both dropped below 4%, and that the U.S. economy was continuing to expand. "These are real Americans back at work – able to put food on the table, support their families, and save for retirement." Reporting by Andrea Shalal in Las Vegas; Editing by Diane Craft, Matthew Lewis and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Thomas Peter, Joe Biden's, Yellen, Biden, Andrea Shalal, Diane Craft, Matthew Lewis, Sonali Paul Organizations: Treasury, U.S, REUTERS, Thomas, Thomas Peter Companies Ipsos, LAS, International Brotherhood of Electrical Workers, National Conference of State Legislators, Workers, International Energy Agency, Thomson Locations: Beijing, China, Nevada, Vegas, United States, Ukraine, U.S, Las Vegas

☆ How hospitals are using A.I. to fight doctor burnout
▼ + stars: | 2023-08-07 | by ( Bertha Coombs | ) www.cnbc.com time to read: +3 min

Foy and other doctors at Baptist Health have been using the DAX app, powered by artificial intelligence, from Microsoft's Nuance division since last year. The program transcribes doctors' and patients' comments, then creates a clinical physician summary formatted for an electronic health record. Dr. Trachella Johnson CNBCThe app frees doctors from having to type up notes during patient visits, and from having to finish them up at night. The cost of tackling burnoutHarnessing AI programs to put pajama time to rest, and helping doctors and nurses fight burnout, is a top priority for Baptist Health's chief digital and information officer Aaron Miri. "There's new economies of scale ... that healthcare will be able to get into [by] leveraging AI," Miri said.

Persons: Tra'chella Johnson Foy, Foy, Trachella Johnson, Aaron Miri Organizations: Baptist Health, Trachella Johnson CNBC, Baptist, National Bureau of Economic Research Locations: Jacksonville , Florida, Miri

CNN —In a lawsuit filed on Wednesday, a Louisiana woman is claiming she has suffered severe injuries due to her use of Ozempic and Mounjaro, which were prescribed by her doctor. Attorneys for Jaclyn Bjorklund claim that the 44-year-old woman used Ozempic for more than a year until around July 2023 and then began using Mounjaro. She is suing the makers of both drugs, Novo Nordisk and Eli Lilly, for failing to warn of the risk of severe gastrointestinal events that could be caused by taking the medications. “As a result of using Defendants’ Ozempic and Mounjaro, Plaintiff was caused to suffer from severe gastrointestinal events, and as a result sustained severe and permanent personal injuries, pain, suffering, and emotional distress, and incurred medical expenses,” the lawsuit alleges. CNN has reached out to both Novo Nordisk and Eli Lilly for comment on the lawsuit.

Persons: Jaclyn Bjorklund, Eli Lilly, ’ Ozempic, Mounjaro, Plaintiff, Bjorklund, “, Novo’s, Eli Lilly’s Mounjaro Organizations: CNN, Novo Nordisk, US Food and Drug Administration Locations: Louisiana

☆ Amazon Clinic rolls out nationwide as e-commerce giant expands its health care footprint
▼ + stars: | 2023-08-01 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

Amazon Clinic launched last November and offers customers 24/7 access to third-party health-care providers directly on Amazon’s website and mobile app. Amazon Clinic currently does not accept insurance, but medication prescribed by clinicians may be covered by insurance. Amazon’s foray into the health care space comes as other retailers have made similar moves, from CVS to Walgreens to Walmart. From AmazonIn recent years, Amazon has gradually been growing its footprint in the health care sector. Earlier this year, Amazon also closed its acquisition of health care provider One Medical in a $3.9 billion deal.

Persons: ”, Nworah Ayogu, Ayogu, Berkshire Hathaway Organizations: New, New York CNN, D.C, Amazon Clinic, CVS, Walgreens, Walmart, Amazon, Amazon Pharmacy, JPMorgan Chase Locations: New York, Washington

☆ JPMorgan, Snap, and other employers are giving $1,700 Snoos to employees with newborns as part their parental benefits packages
▼ + stars: | 2023-07-25 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Dozens of companies are offering their employees Snoos for free or at reduced costs. The cribs, which cost $1,700, are available for free at companies like JPMorgan and Snap. Some new parents of corporate America are receiving more than just paid parental leave and lactation rooms from their employers. Companies like JPMorgan Chase, Snap, Hulu, and Activision Blizzard are among those offering the devices to employees, according to Happiest Baby. The Snoo benefit is one of many new parental benefits that companies are beginning to offer their employees with babies amid a childcare crisis.

Persons: JPMorgan Chase, Milt Ezzard, Ezzard, WorkLife Organizations: JPMorgan, Companies, Activision Blizzard, Employers, JPMorgan Chase, Hulu, Paypal, Snoos, Street Journal, Financial Times

The extreme heat is prompting violent typhoons in Asia and flash floods in the United States. But to the pragmatist, extreme heat is the new normal. The good news: Investors are spending big on climate projects. Global warming helps make periods of extreme heat more frequent, longer and more intense, and it will continue getting worse unless humans essentially stop adding carbon dioxide to the atmosphere, scientists say. “There’s been huge, huge progress” in developing green technologies and bringing down their costs, said Bella Tonkonogy, the U.S. director of Climate Policy Initiative whose funders include the Bloomberg Foundation and the German government.

Persons: it’s, El Niño, Carl, Friedrich Schleussner, ” “, ”, DealBook, “ There’s, Bella Tonkonogy Organizations: Analytics, Global, Venture, Initiative, Biden, Bloomberg Foundation Locations: Asia, United States, Berlin, U.S

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

☆ Johnson & Johnson sues Biden administration over Medicare drug price negotiations
▼ + stars: | 2023-07-18 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Johnson & Johnson on Tuesday 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. The lawsuit filed in federal district court in New Jersey argues the Medicare negotiations violate the First and Fifth Amendments of the U.S. Constitution. J&J also argues that the new provision forces the company to agree that the federal government is negotiating fair drug prices. The company believes the provision doesn't involve true negotiations since the government "unilaterally dictates" drug prices. HHS said in a statement it will "vigorously defend the President's drug price negotiation law, which is already helping to lower health care costs for seniors and people with disabilities."

Persons: Johnson, drugmakers Merck, Joe Biden's, J, Xavier Becerra Organizations: Biden, U.S . Constitution, Bristol Myers Squibb, U.S . Chamber of Commerce, PhRMA, . Health, Human Services Department, Medicare, Services, HHS Locations: New Jersey, U.S ., United States, Xarelto

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