BIO Statement on CMS Announcement of First 10 Drugs Subject to Price Controls Under IRA

The Biden Administration today unveiled the first 10 prescription drugs that will be subject to price controls under the Inflation Reduction Act (IRA). Rachel King, BIO interim President and CEO, made the following statement:

The Medicare price control provisions of the IRA are already significantly, and negatively, impacting the research and investment decisions of the biotech industry in the US.  As we have said many times before, the IRA impacts not just the drugs targeted on today’s list, but the entirety of the biotech ecosystem that must make research and funding decisions many years in advance of ever hoping to bring a product to patients.  BIO and our members will continue our efforts to thwart the overtly negative impact the IRA’s price control provisions will have on patient access, innovation, and economic development more broadly.