Pharmaceutical companies are delaying, or outright canceling, the development of new medicines following new drug rules signed into law by President Joe Biden, Bloomberg reported.
The Inflation Reduction Act (IRA), which passed along partisan lines in Congress August 2022, introduced provisions that allow Medicare to negotiate prices for new pills nine years after they’ve hit the market and new biologic drugs after 13 years on the market. While policymakers intended for the negotiations to reduce healthcare costs for elderly Americans on Medicare, the negotiations are also delaying the release of new drugs.
Treatments for ovarian cancer, Stargardt Disease, bile duct cancer, bladder cancer, multiple myeloma, mesothelioma, different kinds of blood cancer and hemochromatosis are among the diseases being slow-walked or canceled by drug companies, according to Bloomberg. (RELATED:…
