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J&J Sues Biden Administration Over Medicare Drug Negotiations

Paolo Gonchar | Light Rocket | Getty Images

Johnson & Johnson The Biden administration on Tuesday sued the new Medicare drug price-cutting powers, making it the third pharmaceutical company to challenge the controversial inflation-reduction act.

The lawsuit, filed in federal district court in New Jersey, argues that the Medicare negotiations violate the First and Fifth Amendments to the U.S. Constitution. Earlier suits brought separately by Merck and Bristol-Myers Squibb, as well as the US Chamber of Commerce and PhRMA, the pharmaceutical industry’s largest lobbying group, made similar arguments.

J&J said its lawsuit aims to “stop congressional overreach undermining innovation that threatens the United States’ priority in developing transformative therapies and in patient access to those therapies.”

The policy is intended to make drugs more affordable for older Americans, but it will cut into the pharmaceutical industry’s profits.

The Department of Health and Human Services, which is named as a defendant in the lawsuit, did not immediately respond to CNBC’s request for comment.

This story is in progress. Please check back for updates.


Source by [CNBC News]



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