Much of the damage from the Schumer-Manchin drug pricing deal won’t become visible for years. But people who understand the industry can already foresee it, and one example is fewer treatment options for desperately ill cancer patients.
The mooted bill would empower the secretary of Health and Human Services to “negotiate” Medicare drug prices. “They have full latitude to basically decide whatever price they want the drug to be,” AbbVie CEO Richard Gonzalez said Friday on an earnings call. “It’s not a negotiation. We should just call it what it is. It’s price controls.”