Deaths of Biden’s Inflation Reduction Act

Biden’s Inflation Reduction Act, which overall will not reduce inflation, may reduce the cost of some drugs, but it will also reduce the number of new cures and treatments developed. 

De­moc­rats claim their In­fla­tion Re­duc­tion Act will Control prices by giving Medicare the power to “ne­go­ti­ate”, i.e. control, drug prices, through com­plex and ill-con­ceived price-set­ting scheme. 

As predicted these Democratic price controls are already causing harm by reducing the incentive to develop new drugs. 

Al­ny­lam an­nounced it is sus­pend­ing de­vel­op­ment of a treat­ment for Star­gardt dis­ease, a rare eye dis­or­der, be­cause of the com­pa­ny’s need “to eval­u­ate im­pact of the In­fla­tion Re­duc­tion Act.” Al­ny­lam’s de­ci­sion turns on a pro­vi­sion in the De­moc­rats’ bill that ex­empts from price-set­ting ne­go­ti­a­tions drugs that treat only one rare dis­ease.

On Tues­day, Eli Lilly an­nounced it is can­cel­ing work on a drug that had been un­der­go­ing stud­ies for cer­tain blood can­cers. “In light of the In­fla­tion Re­duc­tion Act,” the com­pany wrote to End­points News, “this pro­gram no longer met our thresh­old for con­tin­ued in­vest­ment.”

Many more new treatments and cures will be stymied and/or delayed. 

https://www.wsj.com/articles/the-inflation-reduction-act-killing-potential-cures-pharmaceutical-companies-treatment-patients-drugs-prescriptions-ira-manufacturers-11667508291