The impact of the IRA on us and the pharmaceutical industry cannot yet be fully determined, but is likely to be significant.
All entries for: Gastrointestinal
March 3, 2026
CalciMedica, Inc.
Negative Outlook
La Jolla, California
1-50 employees
For example, the Inflation Reduction Act (“IRA”) passed by Congress authorizes the Secretary of the Department of HHS to negotiate prices directly with participating manufacturers for selected medicines covered by Medicare even if these medicines are protected by an existing patent. For small molecule medicines, the process begins seven years after initial approval by the FDA. While we do not believe that the IRA or its effects will impact our ability to obtain patents in the near future, we cannot be certain whether it will affect our patent strategy in the long run.
Disease Area: Cardiology, Gastrointestinal, Immune Diseases, Respiratory Diseases
Drug Type: Small Molecule
March 3, 2026
Anaptysbio/CA
Neutral Outlook
San Diego, CA
1-50 employees
Healthcare reform initiatives include the enactment of the Inflation Reduction Act (“IRA”), which, among other things, allows the HHS to negotiate the selling price of certain drugs and biologics that CMS reimburses under Medicare Part B and Part D, although only high-expenditure single-source drugs that have been approved for at least seven years (11 years for biologics) can be selected by CMS for negotiation, with the negotiated price taking effect two years after the selection year. For 2026, the first year in which negotiated prices become effective, CMS selected 10 high-cost Medicare Part D products in 2023, negotiations began in 2024, and the negotiated maximum fair price for each product has been announced.
Disease Area: Dermatology, Gastrointestinal, Immune Diseases
Drug Type: Biologic
March 2, 2026
Apogee Therapeutics
Neutral Outlook
Waltham, MA
201-500 employees
For example, the IRA, among other things, extends enhanced subsidies for individuals purchasing health insurance coverage in ACA marketplaces through plan year 2025. The IRA also eliminates the “donut hole” under the Medicare Part D program beginning in 2025 by significantly lowering the beneficiary maximum out-of-pocket cost and creating a new manufacturer discount program.
Disease Area: Gastrointestinal, Immune Diseases, Respiratory Diseases
Drug Type: Biologic
February 26, 2026
Ironwood Pharmaceuticals, Inc.
Neutral Outlook
Boston, MA
201-500 employees
As another example, the Inflation Reduction Act, or IRA, of 2022, contains various drug pricing and payment provisions. Among other provisions, the IRA imposes a yearly cap ($2,000 in 2025) on out-of-pocket prescription drug prices in Medicare Part D.
Disease Area: Gastrointestinal, Rare Diseases
Drug Type: Biologic, Small Molecule
February 26, 2026
Phathom Pharmaceuticals Inc
Neutral Outlook
Florham Park, NJ
201-500 employees
The impact of the IRA on the pharmaceutical industry cannot yet be fully determined, but is likely to be significant.
Disease Area: Gastrointestinal, Infectious Diseases
Drug Type: Small Molecule
February 26, 2026
Kymera Therapeutics
Neutral Outlook
Watertown, MA
201-500 employees
The effect of IRA on our business and the pharmaceutical industry in general is not yet known.
Disease Area: Dermatology, Gastrointestinal, Immune Diseases, Oncology, Respiratory Diseases
Drug Type: Small Molecule
February 25, 2026
Xencor Inc.
Neutral Outlook
Pasadena, CA
201-500 employees
It is unclear how such challenges, and the healthcare reform measures of the current administration, will impact the ACA and our business.
Disease Area: Gastrointestinal, Immune Diseases, Oncology
Drug Type: Biologic