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The Big Story
Pharma execs tell investors Medicare negotiations won’t have a big impact
Since the first offers in the Inflation Reduction Act’s Medicare negotiation program went out, high level executives at companies subject to the process have made light of the suggested prices and the impact they’ll have.
© AP
What they’re saying: AstraZeneca CEO Pascal Soriot told reporters last month that the initial offer from the Centers for Medicare and Medicaid (CMS) was “relatively encouraging,” while Pfizer CFO David Denton told investors that the impact from negotiations would be “modest.”
Far from cooling to the idea of negotiating the prices of their drugs, advocates see these comments as reassuring lip service to potentially anxious shareholders.
Merith Basey, executive director of the advocacy group Patients for Affordable Drugs, said, “We were expecting that they would come out and say something like this,” noting the pharmaceutical industry could afford to lose a significant amount in the cost of their drugs while still remaining profitable.
These recent comments contrast with what pharmaceutical lawyers have said in court, lamenting the serious harm companies have already begun to experience due to negotiations, a claim that several federal judges have been dubious of.
“Their counsel have to follow certain ethical guidelines to talk about the harm while also making sure to comfort investors on the other side to say, ‘Hey, don’t run away from this business and these opportunities. It’s not going to be as bad as you think,” Zachary Baron, director of the Health Policy and the Law Initiative at the O’Neill Institute, told The Hill.
While some drugmakers may not be anticipating extreme drops in price, at least when talking to investors, advocates stress that the impact on patients would still be immense.
“A few hundred dollars is a massive difference for one individual,” Basey said. “Again, this is about ordinary people.”
Welcome to The Hill’s Health Care newsletter, we’re Nathaniel Weixel and Joseph Choi — every week we follow the latest moves on how Washington impacts your health.
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Essential Reads
How policy will be impacting the health care sector this week and beyond:
House Republicans ask for probe of unspent mental health funds
House Republicans want a government watchdog to look into how the federal government has managed unspent mental health funding, including COVID-19 emergency money and funds provided to launch the 988 Suicide and Crisis Lifeline. In a letter sent Tuesday to the Government Accountability Office (GAO), Republicans on the House Energy and Commerce Committee said the Substance Abuse and Mental Health Services Administration …
Full Story
Drugmakers give surprising response to Medicare drug price offers
Pharmaceutical executives have given surprisingly optimistic reactions to initial offers from Medicare in drug price negotiations, signaling a break from industry lawsuits that warn of dire consequences from the program. With the offers remaining secret, some have speculated the price reductions may be relatively modest, but patient groups suspect CEOs may be paying lip service to investors worried about a hit to profits. …
Full Story
Trump says he’s ‘thinking in terms of’ 15 weeks on possible abortion ban
Former President Trump suggested Tuesday he’s considering support for a ban on abortions at 15 weeks, laying down a potential marker on an issue that has galvanized Democrats following the end of Roe v. Wade. “We’re going to come up with a time — and maybe we could bring the country together on that issue,” Trump said on the “Sid & Friends in the Morning” show on WABC. “The number of weeks now, people are agreeing on 15, …
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On Our Radar
Upcoming news themes and events we’re watching:
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The House Select Subcommittee on the Coronavirus Pandemic will hold a hearing Thursday on the of U.S. vaccine safety systems.
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In Other News
Branch out with a different read:
Washington Gov. Inslee signs fentanyl bill sending money to disproportionately affected tribes
TULALIP, Wash. (AP) — Washington Gov. Jay Inslee has signed a multimillion-dollar measure to send state money to tribes and Indigenous people in the state who die from opioid overdoses at disproportionately high rates in Washington. It was one of seven fentanyl-related bills Inslee signed Tuesday while on the Tulalip Indian Reservation, …
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Around the Nation
Local and state headlines on health care:
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Democratic governors see IVF following a familiar post-Dobbs pattern (Politico)
Georgia’s Medicaid work requirements costing taxpayers millions despite low enrollment (KFF Health News)
Md. health officials have applied for new federal ‘AHEAD model.’ Here’s what it means. (Maryland Matters)
What We’re Reading
Health news we’ve flagged from other outlets:
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UnitedHealth hack takes toll on healthcare providers to the nation’s poor (Reuters)
A bat infestation, postponed surgeries and unpaid bills: a hospital chain in crisis (Wall Street Journal)
In a pandemic milestone, the NIH ends guidance on COVID treatment (NPR)
What Others are Reading
Most read stories on The Hill right now:
Freedom Caucus votes to remove Ken Buck
The House Freedom Caucus voted to remove Rep. Ken Buck (R-Colo.) from the group Tuesday night, three members of the conservative group told The Hill, … Read more
New York AG urges appeals court to make Trump pay full bond
The New York attorney general’s office urged a state appeals court to make former President Trump put up a full bond before pausing the multimillion-dollar … Read more
What People Think
Opinions related to health submitted to The Hill:
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Congress should urgently reauthorize America’s key to pandemic preparedness
Politics drove the retractions of needed studies on abortion safety
You’re all caught up. See you tomorrow!
