BRIEF—Pharma firms get ready to negotiate drug prices

A number of drugmakers are preparing to engage with administrators at Medicare to negotiate certain drug prices, as mandated by the Inflation Reduction Act (IRA), according to a  report.

Drugmakers AstraZeneca, Bristol Myers Squibb and Merck & Co are all said to be taking the necessary steps, ahead of an October 1 deadline for opening up talks.

All three are also  engaged in legal action to prevent the IRA’s implementation, together with  Johnson & Johnson (NYSE: JNJ), the Pharmaceutical Research and Manufacturers of America (PhRMA) and others.

In August, authorities released  a list of the first ten drugs selected for negotiation under the new legislation.