The IRA permits the U.S. Department of Health & Human Services (HHS) to negotiate drug prices directly, penalizing manufacturers who refuse with excise taxes and sanctions up to 95% of product sales.

Apart from the drug price negotiation, the IRA’s inflation rebates, and mandatory manufacturer discounts will result in a 31% reduction in profits and lead to 135 fewer new drug approvals by 2039.

The IRA is stifling medical innovation. It is problematic for the millions of people who do not benefit from current drugs or medicines and are waiting eagerly for new drug treatments that could help them.

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