investiment.io
Andreessen Horowitz and Eli Lilly Launch $500 Million Biotech Venture Fund
Eli Lilly has requested the U.S. government to pause drug price negotiations under the Inflation Reduction Act, citing the need for amendments before proceeding with further price cuts.
Eli Lilly, a leading pharmaceutical company, has formally requested the U.S. government to pause the ongoing drug price negotiations under the Inflation Reduction Act (IRA). This request comes as the outgoing administration is poised to release a list of additional drugs eligible for price negotiations before its term ends. The call for a pause was highlighted by Eli Lilly's CEO, David Ricks, during his speech at the JPMorgan Healthcare Conference in San Francisco.
Ricks emphasized the necessity for the government to 'fix' the IRA before engaging in the second round of price negotiations. This statement reflects the company's concerns over the current framework of the IRA, which aims to reduce the prices of 10 highly popular prescription drugs used by Medicare by 38% to 79% in 2026. The legislation also plans to announce a list of 15 more drugs for negotiation by February.
The request from Eli Lilly could potentially disrupt the Biden administration's plans to finalize the list of drugs for negotiation before leaving office. The move by Lilly underscores a broader industry apprehension about the implications of the IRA on pharmaceutical pricing and innovation.
Eli Lilly's stance has been reported across various news outlets, with Bloomberg News being the first to break the story. The company has yet to respond to requests for further comment on the matter, leaving stakeholders and the public awaiting more details on how this pause might affect the future of drug pricing in the U.S.
Articles published about this story
- reuters.comreuters.com
- marketscreener.commarketscreener.com
- marketscreener.commarketscreener.com
- news.bloomberglaw.comnews.bloomberglaw.com
- seekingalpha.comseekingalpha.com
- statnews.comstatnews.com
- reuters.comreuters.com
- biospace.combiospace.com
More stories
- investiment.ioinvestiment.io
Robinhood Markets, Inc. has seen its stock price surge to a new 52-week high, driven by positive upgrades and a favorable market environment. The company's performance in 2024 and its position in the penny stock market have also contributed to its recent success.
- investiment.ioinvestiment.io
Hino Motors, a subsidiary of Toyota, faces criminal charges in the U.S. for selling over 105,000 non-compliant diesel engines, marking a significant scandal in the automotive industry.
- investiment.ioinvestiment.io
Instagram, owned by Meta, experienced a significant outage in the US on January 15, 2025, which was largely resolved by the afternoon, as reported by Downdetector.
- investiment.ioinvestiment.io
BlackRock Inc. reported a record $11.6 trillion in assets under management in Q4 2024, driven by strong market performance and strategic acquisitions, leading to a rise in its stock price.
- investiment.ioinvestiment.io
General Motors has signed a multi-billion dollar agreement with Vianode to secure synthetic graphite for its electric vehicle batteries, aiming to reduce reliance on China and enhance EV production.
- investiment.ioinvestiment.io
The Bank of New York Mellon Corporation (BNY) reported a robust Q4 2024, with earnings and revenue surpassing expectations, leading to a significant rise in its stock price.
- investiment.ioinvestiment.io
JPMorgan Chase reported a record annual profit and a significant Q4 earnings beat, driven by a surge in investment banking fees and trading revenue, surpassing Wall Street expectations.
- investiment.ioinvestiment.io
Meta Platforms Inc. plans to cut approximately 5% of its workforce, focusing on low performers, as part of its ongoing efficiency drive. CEO Mark Zuckerberg announced the move in an internal memo, signaling an 'intense year' ahead with a focus on AI, smart glasses, and social media innovation.
- investiment.ioinvestiment.io
Pfizer is set to significantly reduce its stake in Haleon, the maker of Sensodyne, to 7.3% through a £2.5 billion share sale, as announced by bookrunner J.P. Morgan.
- investiment.ioinvestiment.io
Boeing's stock experienced a decline following a significant drop in aircraft deliveries in 2024, marking the lowest delivery numbers since the onset of the COVID-19 pandemic. The company faced challenges including a labor strike, production issues, and increased competition from Airbus.