Pfizer CEO Albert Bourra visits the US pharmaceutical company Pfizer’s plant in Poulse, Belgium to oversee the production of Pfizer BioNtech’s COVID-19 vaccine, April 23, 2021 After that, he will speak at a press conference with the President of the European Commission. .
John Tis | AFP | Getty Images
Pfizer Chief Executive Albert Bourra said on Thursday that pharmaceutical companies are likely to take legal action against Medicare’s drug price negotiations aimed at cutting costs for America’s seniors, but the company’s profits said it was likely to decline.
“I think there will be legal action, but I don’t know if anything can be stopped before 2026,” Bourra said in a livestream. interview with Reuters.
Bourra noted: regulations The Biden administration’s anti-inflation law allows the Medicare program to negotiate the price of the most expensive prescription drug each year.
Initial negotiations will begin in September, with the new prices expected to take effect in 2026.
He said the most “sure” way to stop negotiations is to ask Congress to introduce legislation to amend the federal government’s plans. But Burla said he was “not optimistic” about the event.
Democrats control the Senate, and President Joe Biden is likely to veto such a bill.
Some pharmaceutical companies already in preparation Industry insiders told Reuters it was to fight Medicare drug negotiations.
Mr. Burla called the plan “negotiating with a gun to your head.”
He argued that this would reduce profits for pharmaceutical companies and force thousands of companies to quit developing life-saving drugs.
“They will be very careful about where and how much they invest in research,” he said.
Burla said it was “disappointing” that the government enacted “a lot of demoralizing” legislation for the industry, despite the vital role that companies played during the COVID-19 pandemic. rice field.
“We are coming out of a global health crisis that has turned into a financial crisis due to COVID-19. But the only reason we are here today is because the life sciences industry was thriving.” said Bourra. “They did tests, vaccines, treatments, etc.”
Pfizer and rival pharmaceutical company Moderna are the main developers of a COVID-19 vaccine.
Despite the criticism, Bourra acknowledged some positive aspects of the law for patients, such as reducing out-of-pocket costs for medicines.
Another section of the Inflation Control Act requires Pfizer and other prescription drug companies to refund Medicare through rebates if the prices of their drugs rise faster than inflation.
The U.S. Department of Health and Human Services announced in March that five Pfizer drugs were among the first batch of 27 Part B prescription drugs eligible for Medicare inflation rebates beginning April 1.
