CBO warns of almost 60 fewer new drugs over three decades with Medicare drug negotiations bill
As drug pricing legislation begins to gain steam on Capitol Hill moving into the fall, the Congressional Budget Office is offering an updated look at the effects that House Speaker Nancy Pelosi’s drug pricing bill, known as HR 3, would have in chilling biopharma R&D over 30 years.
CBO said in a new report Thursday that its updated model used to estimate the effects of HR 3 would, in part, allow for widespread Medicare negotiations on drug prices, leading to a 15% to 25% reduction in expected returns for drugs in the top quintile of expected returns.
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