INFLATION REDUCTION ACT

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• Bayer's pharma chief hopes EU takes time to improve drug rules reform

  The European Commission said this week that the publication of a first draft of a planned revision of drug legislation in the bloc would be "slightly later" than March 29, as initially planned. A version that was leaked earlier this year showed that Brussels was preparing to shorten an additional period of intellectual property protection, known as data exclusivity, which comes on top of drug patent protection.

  

• Novo Nordisk to slash US insulin prices, following move by Eli Lilly

  The moves follow the passing of President Joe Biden's Inflation Reduction Act last year that capped insulin prices for Medicare recipients at $35 per month, but does not include patients without insurance. Around 8.4 million of the 37 million people in the United States with diabetes use insulin.

  

• Price cap move to help Eli Lilly remain dominant player in insulin market: GlobalData

  GlobalData suggests that Lilly will likely maintain or increase its market share in the basal insulin space as the average out-of-pocket cost for its insulin products is already below the $35 price cap. However, there is steadily increasing pressure on its market share in China, with several companies developing insulin lispro biosimilars, and alternative lower-priced insulins such as Viatris’s Semglee (insulin glargine), informed the data and analytics company.

  

• U.S. to select 10 costliest drugs for Medicare pricing negotiation

  President Joe Biden in August signed into law the Inflation Reduction Act, allowing the federal Medicare health plan for people age 65 and older and the disabled to negotiate prices on some of its most costly drugs. The law grants the government the right to choose any 10 from a list of the 50 medicines responsible for the highest Medicare spending that qualify for negotiation, but does not specify the exact criteria for choosing them.

  

• Novartis warns US plan to curb drug prices could hit key research

  While small molecule chemical drugs will be subject to negotiated drug prices nine years after regulatory approval, biological drugs made from living cells would not be affected until after 13 years, according to the legislation

  

• Drugmakers to raise prices on at least 350 drugs in U.S. in January

  The increases are expected to come as the pharmaceutical industry prepares for the Biden Administration's Inflation Reduction Act (IRA), which allows the government's Medicare health program to negotiate prices directly for some drugs starting in 2026. The industry is also contending with inflation and supply chain constraints that have led to higher manufacturing costs.