Ricks said the 'biggest problem' with the IRA provision stems from a difference in timeline for negotiating prices on two different types of drugs.
in the Biden administration's Inflation Reduction Act that will allow the Medicare program to negotiate prices on the costliest prescription drugs each year.
He's the latest pharmaceutical executive to publicly blast the provision and law at large, which will likely reduce company profits. Global drugmaker Merck last weekRicks said the "biggest problem" with the provision stems from a difference in timeline for negotiating prices on small-molecule drugs — meaning those drugs made out of chemicals and have low molecular weight — versus biologic medicines, or those derived from living sources like animals or humans.
Under the IRA provision, Medicare can start negotiating prices on small-molecule drugs as early as nine years after they receive Food and Drug Administration approval, compared with 13 years for biologics.
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