Johnson & Johnson , Joins Fight Against Lowering , Drug Prices in the US.
On July 18, Johnson & Johnson (J&J) became the third major pharmaceutical company to challenge the Biden administration's Inflation Reduction Act.
On July 18, Johnson & Johnson (J&J) became the third major pharmaceutical company to challenge the Biden administration's Inflation Reduction Act.
CNBC reports that Johnson & Johnson has announced a lawsuit over a controversial provision that give's Medicare the power to slash drug prices.
The lawsuit, which was filed in a New Jersey federal district court, argues that the provision violates the company's First and Fifth Amendment rights.
Major drugmakers filed separate suits, along with the U.S. Chamber of Commerce and PhRMA, the largest pharmaceutical lobbying group.
Merck and Bristol Myers Squibb are among the companies to file lawsuits against the government.
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Merck and Bristol Myers Squibb are among the companies to file lawsuits against the government.
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The Inflation Reduction Act gave Medicare the power to negotiate drug prices for the first time in the program's history.
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The Inflation Reduction Act gave Medicare the power to negotiate drug prices for the first time in the program's history.
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CNBC points out that the provision was aimed at making drugs more affordable, but it would also cut into pharmaceutical industry profits.
According to Johnson & Johnson, its patented blood clot drug, Xarelto, will be up for price negotiations in 2023 due to it being one of the 10 most reimbursed drugs.
According to Johnson & Johnson, its patented blood clot drug, Xarelto, will be up for price negotiations in 2023 due to it being one of the 10 most reimbursed drugs.
Last year, Johnson & Johnson garnered, $2.47 billion in revenue , from sales of Xarelto.
The U.S. Health and Human Services Department released a statement saying the agency will, “vigorously defend the president’s drug price negotiation law, which is already helping to lower health care costs for seniors and people with disabilities.”.
The U.S. Health and Human Services Department released a statement saying the agency will, “vigorously defend the president’s drug price negotiation law, which is already helping to lower health care costs for seniors and people with disabilities.”
