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Search resuls for: "Global drugmaker Merck"


3 mentions found


☆ Analysis: Biden's IRA climate bill won't cut deficit as expected
  + stars: | 2023-06-16 | by ( Jarrett Renshaw | ) www.reuters.com   time to read: +8 min
The White House estimated, and independent budget analysts agreed, it could cut the deficit by $300 billion over the next decade. The tax credits have been massively popular with companies, spurring new investments and boosting job growth, environmental benefits -- and the price tag. The bill will add $750 billion to the nation’s deficit over ten years, according to Smetters. White House officials say revenue will outpace original congressional estimates, and they point to the millions of jobs the IRA is expected to create. “We’re going to have more deployment and achieve more emissions reductions than we initially thought,” the White House official said.
Persons: Joe Biden, Biden, ”, Kent Smetters, Goldman Sachs, Joe Manchin, Manchin, we've, Joe Biden’s, Tesla, Smetters, ” Smetters, “ We’re, Merck, Jarrett Renshaw, Heather Timmons, Alistair Bell Organizations: White House, Penn Wharton Budget Model, White, Congressional, Credit Suisse, University of Pennsylvania’s Wharton Business School, U.S, Democrat, Credit, Office, University of Pennsylvania, European Union, EV, Biden, Republicans, CBO, Amazon, Pepsi, Home, Thomson Locations: U.S, Japan
☆ Eli Lilly CEO says Medicare price negotiations could harm drug development
  + stars: | 2023-06-13 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +1 min
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
☆ Merck sues Biden administration over Medicare drug price negotiations
  + stars: | 2023-06-06 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +1 min
Global drugmaker Merck on Tuesday sued the Biden administration over Medicare's new powers to substantially reduce drug prices for seniors under the Inflation Reduction Act, the opening salvo in the pharmaceutical industry's efforts to weaken the program. In a scathing complaint filed in federal court in Washington D.C., Merck excoriated the negotiation process as a "sham" and "tantamount to extortion." The Inflation Reduction Act, which became law last summer, was a major victory for President Joe Biden and Democrats in Congress, who have long pushed to empower Medicare to combat rising drug prices. The pharmaceutical industry has fiercely opposed the law, arguing it will stifle new drug development. Merck has asked a judge to block HHS from compelling the drugmaker to participate in the program.
Persons: Merck, Joe Biden Organizations: Global, Merck, Biden, Washington D.C, Department of Health, Services, Government Locations: Washington
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