On August 16, 2022, President Biden signed the Inflation Reduction Act, a bill aimed at addressing high inflationary costs. The massive bill increases corporate taxes and includes measures designed to reduce greenhouse gas emissions. CBSA and our national partners lobbied against provisions in the new law that allow the federal government to negotiate prescription drug costs.
Why It Matters
Specifically, the sweeping legislation imposes government price setting in Medicare, a decision that could chill investment in next-generation treatments and cures for patients in need.
In fact, according to a Vital Transformation study, price setting will impact jobs in our industry, including here in Colorado: Research indicates the legislation will likely lead to the loss of over 590,000 jobs across the country, dealing a devastating blow to our economy and to families everywhere. In Colorado, the legislation could lead to a loss of 1,264 direct biopharma jobs in…
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