Bristol Myers Squibb Threatens New Rules Will Hinder Drug Production

Big Pharma is bristling at new doctor's orders.

As part of the Inflation Reduction Act passed earlier this year, the US Government now has the power to negotiate the most expensive drugs purchased through Medicare -- a seismic change for the US healthcare industry created by consumer advocates that drugmakers are none too happy about. Over the weekend, pharma giant Bristol Myers Squibb said it is now expecting to cancel several drug development programs, highlighting a central trade-off that's long defined the American healthcare system.