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.    

BIO released the following statement from John Delacourt, BIO’s Deputy General Counsel, on BIO’s amicus brief opposing the Federal Trade Commission (FTC) lawsuit to block the acquisition of Horizon by Amgen: “The FTC’s current overreach in antitrust merger enforcement is of great concern to BIO and its members. Recent actions indicate a shift away from 40 years of FTC decisions that supported an ecosystem delivering life-saving treatments to patients. We filed this amicus brief to challenge the FTC’s sudden focus on restricting mergers and acquisitions in the biotech industry, creating an environment that chills investment for new, cutting-edge therapies. It is throwing a boulder on the tracks of a speeding train, disrupting a longstanding business model that depends on acquisitions to drive innovation.”