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President Joe Biden speaks during an event at the National Institutes of Health in Bethesda, Maryland, Dec. 14, 2023. Chris Kleponis | Bloomberg | Getty Images Think a friend or colleague should be getting this newsletter? Share this link with them to sign up. Good afternoon! The first round of Medicare drug price negotiations has come to an end – but we still don’t know the final prices that the U.S. government and pharmaceutical companies have agreed on.  Medicare will disclose the new negotiated prices for 10 drugs at the beginning of September. Those prices will then go into effect in 2026.  Still, drugmakers appear to be less concerned about the impact of those new negotiated prices on their businesses than in recent months, at least in the short term. They all maintain that Medicare drug price negotiations are a long-term threat to the pharmaceutical industry’s drug innovation and profits, but the immediate dust has somewhat settled.  That’s based on executive commentary during the recent quarterly earnings calls of Bristol Myers Squibb and Johnson & Johnson, among other companies.  President Joe Biden’s Inflation Reduction Act gave Medicare the power to directly hash out drug prices with manufacturers for the first time in the federal program’s nearly 60-year history. The process aims to make expensive medications more affordable for older Americans.  On July 26, Bristol Myers Squibb CEO Christopher Boerner confirmed that the company received the government’s final price for its blood thinner Eliquis, which it shares with Pfizer.  He said now that the company has seen that price, it is “increasingly confident in our ability to navigate the impact” of Medicare drug price negotiations on the treatment. Bristol Myers will provide more details about the expected impact on its investor relations website once Medicare publicly discloses the final prices, according to…

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Filed under: News - @ August 6, 2024 8:10 pm