Most significantly, on August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA includes provisions that will, among others: (i) direct CMS to negotiate the price of certain single-source prescription drugs reimbursed under Medicare, and subject drug manufacturers to civil monetary penalties and a potential excise tax by offering a price that is not equal to or less than the negotiated “maximum fair price” under the law; (ii) impose requirements on drug manufacturers to provide rebates to CMS under Medicare Part B and Medicare Part D as a penalty for price
All entries for: Chronic Disease
November 5, 2025
Sionna Therapeutics, Inc.
Neutral Outlook
Waltham, Massachusetts, US
1-50 employees
As an example, the Inflation Reduction Act of 2022 (“IRA”) includes a number of changes intended to address rising prescription drug prices in Medicare Parts B and D. These changes, which have varying implementation dates, include caps on Medicare Part D out-of-pocket costs for beneficiaries, Medicare Part B and Part D drug price inflation rebates, a new Medicare Part D manufacturer discount drug program (replacing the ACA Medicare Part D coverage gap discount program) and a drug price negotiation program for certain high spend Medicare Part B and D drugs (with the first and second set of negotiated prices going into effect January 1, 2026 and 2027, respectively).
Disease Area: Chronic Disease
Drug Type: Small Molecule
November 5, 2025
Vir Biotechnology, Inc
Neutral Outlook
San Francisco, CA
201-500 employees
It is currently unclear how certain new measures, including the drug pricing provisions of the Inflation Reduction Act of 2022 (and subsequent rulemaking) and changes to Medicaid eligibility requirements in the OBBBA, will ultimately be effectuated. Accordingly, we cannot predict with certainty what impact these or any other federal or state health reforms will have on us, including whether finalized rules will be implemented or withstand judicial review.
Disease Area: Antiviral, Chronic Disease, Immune Diseases, Infectious Diseases, Oncology
Drug Type: Biologic
November 3, 2025
Axsome Therapeutics
Negative Outlook
New York, NY
201-500 employees
We are evaluating what effect, if any, the IRA may have on our business. Any reduction in reimbursement from Medicare or other government healthcare programs may result in a similar reduction in payments from private payors. The implementation of cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our drugs.
Disease Area: Chronic Disease, Neurological Diseases
Drug Type: Small Molecule
November 3, 2025
Precision BioSciences
Neutral Outlook
Durham, NC
51-200 employees
Most recently, on August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”), was signed into law. Among other things, the IRA requires manufacturers of certain drugs to engage in price negotiations with Medicare (beginning in 2026), with prices that can be negotiated subject to a cap; imposes rebates under Medicare Part B and Medicare Part D to penalize price increases that outpace inflation (first due in 2023); and replaces the Part D coverage gap discount program with a new discounting program (which began in 2025).
Disease Area: Chronic Disease, Immune Diseases, Rare Diseases
Drug Type: Biologic
October 30, 2025
Ardelyx, Inc
Neutral Outlook
Waltham, MA
201-500 employees
Under the IRA, small molecule drugs and biologics that otherwise qualify for selection first become eligible for price negotiation seven and eleven years, respectively, after U.S. FDA approval…While the impact of the IRA on us and the pharmaceutical industry cannot yet be fully determined, it is likely to be significant.
Disease Area: Cardiology, Chronic Disease, Gastrointestinal, Metabolic Diseases, Multiple
Drug Type: Small Molecule
October 22, 2025
Galapagos
Discontinued Research, Layoffs
Cambridge, MA
1,001-5,000 employees
Galapagos intends to shutter its cell therapy business, which would affect about 365 employees across Europe, the United States and China and include site closures in New Jersey and Pennsylvania.
Disease Area: Chronic Disease, Immune Diseases, Multiple
Drug Type: Biologic, Small Molecule
October 16, 2025
Novo Nordisk
Layoffs
Bagsværd
10,000+ employees
As part of its restructuring that includes cutting about 9,000 employees globally, Novo Nordisk is laying off U.S. employees this week and continuing into next week. Reuters noted that based on an email it received, affected departments include HR, clinical development, rare diseases, medical and regulatory, legal, ethics and compliance, marketing and sales, finance and public affairs.
Disease Area: Chronic Disease, Metabolic Diseases, Neurological Diseases, Rare Diseases
Drug Type: Biologic, Small Molecule
October 14, 2025
Novo Nordisk
Layoffs
Bagsværd
10,000+ employees
Almost all of Novo’s 250 cell therapy employees will be laid off, Fierce reported, citing the Danish outlet Borsen.
Disease Area: Chronic Disease, Metabolic Diseases, Neurological Diseases, Rare Diseases
Drug Type: Biologic, Small Molecule
September 19, 2025
Novo Nordisk
Layoffs
Bagsværd
10,000+ employees
Novo Nordisk will let go of 263 employees at its U.S. headquarters in Plainsboro, New Jersey, effective Dec. 31.
Disease Area: Chronic Disease, Metabolic Diseases, Neurological Diseases, Rare Diseases
Drug Type: Biologic, Small Molecule