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Recently, the first round of Medicare drug price negotiations concluded, but the final prices are still unknown. Medicare will disclose the new negotiated prices for 10 drugs in September, which will go into effect in 2026. Despite concerns about the impact of these negotiations on the pharmaceutical industry, executives at companies like Bristol Myers Squibb, Johnson & Johnson, and AbbVie are confident in their ability to navigate these changes.
President Joe Biden’s Inflation Reduction Act granted Medicare the power to directly negotiate drug prices with manufacturers for the first time. This move aims to make medications more affordable for older Americans. Companies like Novartis and AbbVie have already included the expected sales impact in their financial forecasts. Despite short-term uncertainties, these companies remain hopeful about their long-term outlook.
While some executives express concerns about the long-term implications of Medicare drug price negotiations on innovation and patient care, they are also taking proactive steps to address the changes. Lawsuits brought by Merck and Novartis against the negotiations are pending decisions, highlighting the industry’s pushback against government price setting.
In the realm of health-care technology, Northwell Health is making waves by launching Northwell Studios, a TV and film production studio. This move aims to raise awareness about Northwell in a competitive market saturated with health systems and medical centers. Northwell has collaborated on various entertainment projects in the past and aims to continue producing impactful content through Northwell Studios.
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