Biden Drug Pricing Law Threatens New Products, J&J’s Duato Says

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.

Joaquin Duato

Photographer: Tierney L. Cross/Bloomberg

Under the 2022 legislation, 10 of the biggest-selling drugs in the federal Medicare program, including three from J&J, will see price cuts in a ...