Statement on Drug Pricing Provisions Included in “Inflation Reduction Act”
The enactment of the “Inflation Reduction Act” is a loss for patients and the future of innovation. Amgen has long supported proposals that help patients get the medicines they need, while also preserving incentives for biopharmaceutical innovation. This law misses the mark on both fronts.
First, the vast majority of Medicare prescription drug savings from this legislation are diverted to other priorities, leaving the majority of seniors without any guarantee of seeing lower costs at the pharmacy counter. Second, government price setting within Medicare will have a chilling effect on innovation at precisely the time when our nation needs more new medicines to treat an aging population.
While we are disappointed with the enactment of this law, our work continues. In everything we do, we aim to fulfill our mission to serve patients and that purpose drives our commitment to advance solutions that will bring meaningful cost savings for all patients. We will continue to work with Congress and the Administration on policy solutions like further capping patients’ out-of-pocket expenses, lowering deductibles, and ensuring that the rebates given to insurance companies and middlemen by companies like Amgen are passed on to patients when they purchase their medicines.