Health
Biden Drug Pricing Law Threatens New Products, J&J’s Duato Says
- Rebates and discounts that J&J pays have soared, CFO Wolk says
- J&J executives featured in Bloomberg’s ‘Chief Future Officer’
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The Biden administration’s drug-price negotiation law threatens new product development and will lead to fewer new medicines in the future, Johnson & Johnson Chief Executive Officer Joaquin Duato said.
Biden’s signature Inflation Reduction Act “is misguided and it’s going to chill innovation,” Duato said in an interview on Bloomberg Chief Future Officer. “The number of medicines that will be there will be less,” because drug development will become less attractive for investors, he said.