Giovanni Caforio, CEO of Bristol Myers Squibb, adds his name to the growing list of C-suite members that say looming US drug pricing laws are causing them to reassess their strategies. In a recent interview, Caforio said that he expects to cancel some drug development programs as the company reevaluates its portfolio. He also noted that oncology is likely to take a big hit.
According to James Waldron, “Caforio is only the latest Big Pharma voice to keep up the heat on what the sector claims will be a negative impact from the drug pricing legislation. A common argument made by the industry is that the IRA doesn’t provide for back-and-forth “negotiations.” Instead, since the bill authorizes harsh financial punishments against companies for not complying with Medicare’s pricing offers, industry advocates say the bill introduces ‘price controls.’”
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(Source: Fierce Biotech, November 21st, 2022)