Drug companies favor biotech meds over pills, citing new U.S. law

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By Deena Beasley San Francisco (Reuters) – Drugmakers are prioritizing complex biotech medicines over treatments that can be given as pills because recent U.S. legislation gives biologics a longer runway before becoming subject to government price limits, top industry executives said this week. The Inflation Reduction Act (IRA), which Democrats passed last August, for the first time allows the government’s Medicare health plan for people age 65 and over to negotiate the prices it is willing to pay for certain medications. The pharmaceutical industry, whose members gathered in the thousands thi…

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