this post was submitted on 18 Jul 2023
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Johnson & Johnson sued the Biden administration over Medicare’s new powers to slash drug prices, making it the third pharmaceutical company to challenge the controversial provision of the Inflation Reduction Act.

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[–] [email protected] 152 points 1 year ago (4 children)

This is why they're mad

President Joe Biden’s Inflation Reduction Act, which passed in 2022 by a narrow party-line vote, empowered Medicare to negotiate drug prices for the first time in the program’s six-decade history.

The provision aims to make drugs more affordable for older Americans but will likely reduce pharmaceutical industry profits.

[–] [email protected] 69 points 1 year ago (1 children)
[–] [email protected] 27 points 1 year ago (1 children)

Slimy lobbyist: Sure I'll hold your robe and... whoops how did that big wad of cash get in there?

[–] [email protected] 4 points 1 year ago (1 children)

And his name: Dr. Mantis Toboggan

[–] [email protected] 3 points 1 year ago

Woah whoops! I dropped my monster wad of cash that I use for my magnum bribery

[–] [email protected] 34 points 1 year ago

Oh noes not the billion dollar company's profits! Anything but the profits!

[–] [email protected] 7 points 1 year ago

Oh no those poor billionaires! They won’t be able to rob people of their savings nearly as effectively. That might even slow down the purchase of their next yacht. How horrible!

[–] [email protected] 7 points 1 year ago

empowered Medicare to negotiate drug prices for the first time in the program’s six-decade history.

This is long overdue. Both my parents are on Medicare and they say the prices for some commonplace things are truly absurd, and it all has to do with the fact that the government legally can't negotiate the price, so whatever price the pharmaceutical companies set is what gets paid.

Allowing the government to negotiate the price would benefit 99.9% of people and harm only CEOs and billionaires, so you can expect this to fail spectacularly.