GOP senators introduce bill to undo Medicare prescription drug negotiation
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Two Republican senators have introduced legislation that aims to roll back a provision in the Inflation Reduction Act that allows Medicare to negotiate the prices of some high-priced prescription drugs.
Sens. James Lankford (Okla.) and Mike Lee (Utah) introduced the Protect Drug Innovation Act, which would eliminate that provision.

The lawmakers call the provision a form of price control and say it will worsen problems by leading to fewer new drugs approved.
"The ongoing issues with pharmacy benefit managers, the drug pricing middlemen, were also not addressed in the Democrats' bill," Lankford said in a news release. "We need more drug options, not less. We need more competition, not price controls. We need innovation, not stagnation."
Companies that could be impacted by Medicare drug price negotiation include Johnson & Johnson (NYSE:JNJ), Eli Lilly (LLY), Merck (NYSE:MRK), AbbVie (NYSE:ABBV), Regeneron (REGN), Amgen (AMGN), Bristol-Myers Squibb (NYSE:BMY), and Roche (OTCQX:RHHBY).
However, analysts have ruled out a major impact on the pharma industry from the negotiations.