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.
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