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Stock impact report

US Chamber of Commerce urges judge to block Medicare drug pricing program [Reuters]

Bristol-Myers Squibb Company (BMY) 
Last bristol-myers squibb company earnings: 2/6 07:05 am Check Earnings Report
US:NYSE Investor Relations: bms.com/investors.html
Company Research Source: Reuters
Jeffrey Bucholtz, the business group's attorney, told U.S. District Judge Michael Newman in Dayton, Ohio, that the program violated drugmakers' due process rights by giving the government the power to effectively dictate prices for their medicines. "There is a very, very high risk, maybe a guarantee, but certainly a very, very high risk, that this regime will result in prices that are unfair," Bucholtz argued. The program, which was established by Biden's signature Inflation Reduction Act, aims to save $25 billion annually by 2031 through price negotiations for the drugs most costly to Medicare, which mostly serves Americans aged 65 and older. Americans pay more for prescription medicines than people in any other country. Bucholtz urged Newman to block the program before Oct. 1, when the makers of the first 10 drugs picked by the U.S. Centers for Medicare and Medicaid Services for inclusion in the program must agree to start negotiations over prices. Those drugs, announced Show less Read more
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