Wednesday, May 8, 2013

Drug company that supported Obamacare now says rebate plan could be ‘catastrophic’

Drug company that supported Obamacare now says rebate plan could be ‘catastrophic’

“Dr. Lechleiter said this plan would have ‘catastrophic consequences’ for the American pharmaceutical industry, estimating that it would cost the industry somewhere between $100 billion and $135 billion,” National Center for Public Policy Research Free Enterprise Project director Justin Danhof, who was present at the Eli Lilly shareholders meeting, said in a statement. “Enacting Obama’s plan would rip billions from innovation and dearly cost American patients. Using $100 billion in additional costs as a baseline, he said drug companies would spend $15 billion less on drug innovation — an unacceptable cut.”