Industry-Funded Study: CBO Underestimated IRA’s Impact On Drug R&D

A policy brief recently released by the University of Chicago and partially funded by drug maker Gilead suggests that Medicare’s new drug price negotiation authority could lead to a reduction in research & development that translates to 79 fewer small molecule drugs developed and 116 million life years lost over the next two decades. The findings back the pharmaceutical industry’s assertions in court cases challenging the Inflation Reduction Act’s price negotiation provisions, but run counter to the Congressional Budget Office’s...