Health
Bristol-Myers sues U.S. government over Medicare drug price negotiation plan
/cloudfront-us-east-2.images.arcpublishing.com/reuters/RZHXX2FRY5K2PGJUAYOUWB63S4.jpg "Bristol-Myers sues U.S. government over Medicare drug price negotiation plan")
/cloudfront-us-east-2.images.arcpublishing.com/reuters/RZHXX2FRY5K2PGJUAYOUWB63S4.jpg?resize=1000%2C600&ssl=1 "Bristol-Myers sues U.S. government over Medicare drug price negotiation plan")
June 16 (Reuters) – Bristol-Myers Squibb (BMY.N) on Friday sued the U.S. government for violations of the Fifth and First Amendments to the U.S. Constitution, seeking an injunction against Medicare’s drug-negotiating program that analysts believe involves one of the company’s top-selling drugs. bottom.
This is the third lawsuit to date to challenge legislation that is part of President Joe Biden’s signature Inflation Relief Act (IRA), which the pharmaceutical industry believes will cut profits and They argue that the development of groundbreaking new treatments will be forced to retreat.
US pharmaceutical company Merck & Co. MRK.N and the US Chamber of Commerce It sued the government last week over its plan to cut prices.
Americans pay more for prescription drugs than any other country. The Biden administration hopes to save $25 billion annually by 2031 by letting Medicare, the government’s health insurance for people 65 and older, negotiate prices for some of the most expensive medicines. ing.
Blood-thinning drug Eliquis shared by Bristol-Myers with Pfizer (PFE.N), according to data from the agency that operates Medicare and Medicaid, the U.S. government will cost more than $12.57 billion in 2021.that is Analyst expectations It will be among the first 10 drugs selected in September for price negotiations that take effect in 2026.
The Bristol-Myers lawsuit, filed in U.S. District Court for the District of New Jersey, alleges that price negotiations would force pharmaceutical companies to sell their medicines to Medicare at deep below-market discounts.
The company argues this violates the Fifth Amendment to the Constitution, which requires the government to pay reasonable compensation for private property acquired for public use.
“Big drug companies routinely force Americans to pay many times what they would pay customers in other countries to buy the exact same drug,” White House Press Secretary Carine Jean-Pierre said in a statement. Stated. “We are confident that we will prevail in court. Nothing in the Constitution prevents Medicare from negotiating lower drug prices.”
Bristol-Myers also argues that the law requires manufacturers to publicly state that government “pricing” is a genuine negotiation that results in a fair price, even if it is not. are doing.
“Unlike a true ‘negotiation’, this program guarantees that the government will get the product it wants at the price the government dictates,” the pharmaceutical company said in the lawsuit.
The company is seeking an injunction, saying the price cap would cause irreparable harm and not be in the public interest.
Merck made similar allegations in its lawsuit in Washington, DC federal court.
Reported by Patrick Wingrove, who lives in New York. Additional reporting by Nandita Bose of Washington.Editing: Bill Barclot
Our criteria: Thomson Reuters Trust Principles.
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Sources 2/ https://www.reuters.com/business/healthcare-pharmaceuticals/bristol-myers-sues-us-government-over-medicare-drug-price-negotiation-plan-2023-06-16/ The mention sources can contact us to remove/changing this article |
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