A group of biotech investors and doctors are warning that the Senate’s drug-pricing proposal, aimed at lowering skyrocketing prices, would “strike a huge blow” to patient access and halt research on new treatments for Alzheimer’s disease, heart disease and cancer.
Democratic senators last month announced a deal on legislation they say would lower inflation, reduce the deficit, address climate change and cut the cost of prescription drugs.
One of the provisions would require the U.S. government to negotiate the prices of dozens of higher-cost prescription drugs covered under Medicare. Negotiating drug prices has been a long-sought goal of Democrats who want to rein in the power of Big Pharma and respond to public outrage over high prescription drug prices, particularly for seniors.