By Thomas Philipson
America’s largest pharmaceutical companies continue to sound the alarm about last year’s Inflation Reduction Act.
In late May, Novartis announced that it had already dropped some early-stage cancer drugs because of Medicare’s new power to dictate certain drug prices. The news followed public statements and official government filings from Amgen, Genentech, Merck, Biogen, and others, all warning that the IRA is already forcing them to scrap promising research lines.
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