Biden and Trump hammer Big Pharma
As the 2024 election approaches, it’s looking grim for drugmakers. President Joe Biden has pledged to “keep standing up to big pharma” and former President Donald Trump has sworn to stop consumers from “getting ripped off” by rising medicine prices.
Becoming the political punching bag of both Trump and Biden, who are close in recent polls, means no matter who wins, pharma could lose.
Biden pushed through one of the most aggressive laws the industry has seen, the Inflation Reduction Act, allowing the government to negotiate drug prices with companies on behalf of millions of older and disabled Americans on Medicare. The change is expected to save Medicare almost $100 billion by 2031, while several firms filed suit against it.
