Novartis sues U.S. government over price regulation, Reuters reports

Novartis (NVS) said it had sued the U.S. government in an attempt to halt the Medicare drug-price negotiation program, which includes its top-selling heart-failure medicine Entresto, Reuters’ Patrick Wingrove reports. The lawsuit is the first since the Biden administration on Tuesday released its list of 10 prescription medicines that will be subject to price negotiations by the Medicare health program. Other drugs selected were Bristol Myers Squibb (BMY) and Pfizer’s (PFE) blood thinner Eliquis, Merck’s (MRK) diabetes drug Januvia, and Eliquis rival Xarelto from Johnson & Johnson (JNJ). The Inflation Reduction Act, signed into law by President Joe Biden last year, allows Medicare to negotiate prices for some of its most costly drugs, the author notes.