Pfizer Chief Executive Albert Bourla called US plans to negotiate drug prices for its Medicare health program 'negotiation with a gun to your head.' TwitteRx
NEW YORK - Pfizer Inc Chief Executive Albert Bourla called U.S. plans to negotiate drug prices for its Medicare health program"negotiation with a gun to your head" and said he expects drugmakers to sue in an attempt to halt the process.
The companies have begun laying the groundwork to fight the U.S. plan, Reuters reported earlier this week. Bourla did acknowledge some positive aspects of the law for patients, such as lower out-of-pocket costs for medicines. The company is in the midst of a steep but expected fall in COVID product sales and is also preparing for declining revenue in coming years for some of its top-selling drugs as they begin to face competition from cheap generics.
The COVID products drove Pfizer's revenue to record levels, topping $100 billion in 2022 and $80 billion in 2021. Bourla said he anticipates only doing modestly-sized deals in the near-term as he concentrates on the Seagen integration.
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