Pfizer CEO Albert Bourla argued the Biden administration's plan will cut profits and force Big Pharma companies to pull back on developing medicines.
in the Biden administration's Inflation Reduction Act that will allow the Medicare program to negotiate prices on the costliest prescription drugs each year.He said the most "certain way" to stop negotiations would be to call on Congress to introduce legislation that will revise the federal government's plan. But Bourla noted he is "not optimistic" about that happening.Some drugmakers areBourla called the plan "negotiation with a gun to your head.
He argued it will cut pharmaceutical profits and force thousands of companies to pull back on developing life-saving medicines.Bourla called it "unfortunate" the government enacted a law that "creates a lot of disincentives" for the industry, even after seeing the pivotal role companies played during the Covid-19 pandemic.
"We're coming out of a global health crisis that became a financial crisis as a result of Covid. But the only reason why we are here today was because we had a thriving life sciences industry," Bourla said. "They did the tests, the vaccines, the treatments, you name it."Despite his criticism, Bourla acknowledged some positive aspects of the law for patients, such as lower out-of-pocket costs for medicines.
Five of Pfizer's drugs are among the first set of 27 Part B prescription drugs that will be subject to Medicare inflation rebates starting April 1, the U.S. Department of Health and Human Services said in March.
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