BRIEF—Biotech investors oppose price setting under IRA

Lobbying group No Patient Left Behind (NPLB) is leading a campaign urging the US Congressional Budget Office (CBO) to change its approach to federal drug pricing legislation.

Since the passage of the Inflation Reduction Act (IRA), a range of drugmakers and industry-supported groups have argued against the price setting measures that are contained within it.

NPLB said it had the support of “more than 350 biotech investors, executives and economists” in urging the change to the CBO’s current methodology.

Founded by Peter Kolchinsky, managing director of RA Capital Management, the group argues that the nine-year period during which new drugs can avoid price setting under the IRA is too short.

In a statement, he said: “It is inspiring and impactful to see leaders from the biotech ecosystem pull together to help CBO better understand how new drug funding and innovation decisions are made.”