President Biden (AP Images)

How Biden’s in­fra­struc­ture plan will go af­ter bio­phar­ma com­pa­nies be­yond drug pric­ing

The White House ear­ly Wednes­day un­veiled a de­tailed plan for Con­gress to pass a $2 tril­lion in­vest­ment in US in­fra­struc­ture, with de­tails on how Pres­i­dent Biden will at­tack multi­na­tion­al com­pa­nies — in­clud­ing many of the top bio­phar­ma com­pa­nies — that are us­ing tax havens abroad.

First and fore­most, Biden wants to in­crease the cor­po­rate tax rate from 21% to 28%. But he al­so said he wants to make it more dif­fi­cult for US cor­po­ra­tions to avoid US tax­es by claim­ing to be a for­eign com­pa­ny, which is what many top bio­phar­ma firms have done over the years, al­though some of these so-called in­ver­sions been abort­ed more re­cent­ly (i.e. Pfiz­er and Al­ler­gan or Ab­b­Vie and Shire).

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