Eli Lilly is leading a push with other pharmaceutical companies to request a pause in the Biden administration's drug pricing negotiations, even as officials prepare to release a new list of medications to be targeted for price reductions, Bloomberg reported Jan. 13.
Speaking at the JPMorgan HealthCare Conference in San Francisco, Eli Lilly CEO Dave Ricks emphasized the need for changes to the Inflation Reduction Act before additional drugs are included in the program.
The law enables the government to negotiate lower prices for older, widely used drugs under Medicare. The outgoing administration is expected to announce a new batch of medications eligible for negotiation, though the White House has not confirmed whether this list will be released before the administration transitions.
So far, the IRA has reduced prices by up to 79% for certain drugs, with older adults saving $1.5 billion for copays and deductibles. Among the drugs expected to be targeted in the next round are Novo Nordisk's popular diabetes and weight loss medications, Ozempic and Wegovy, according to Bloomberg.