Most significantly, on August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (IRA) into law. This statute marks the most significant action by Congress with respect to the pharmaceutical industry since adoption of the ACA in 2010. Among other things, the IRA requires, beginning in 2026, that manufacturers of certain drugs to engage in price negotiations with Medicare, with prices that can be negotiated subject to a cap; imposes rebates, first due in 2023, under Medicare Part B and Medicare Part D to penalize price increases that outpace inflation; and, beginning in 2025, replaces the Part D coverage gap discount program with a new discounting program.
All entries for: Hematology
March 3, 2026
Rigel Pharmaceuticals
Neutral Outlook
South San Francisco, CA
51-200 employees
While it remains to be seen how the drug pricing provisions imposed by the IRA will affect the broader pharmaceutical industry, several pharmaceutical manufacturers and other industry stakeholders have challenged the law, including through lawsuits brought against the DHHS, the Secretary of DHHS, CMS, and the CMS Administrator challenging the constitutionality and administrative implementation of the IRA’s drug price negotiation provisions.
Disease Area: Hematology, Neurological Diseases, Oncology
Drug Type: Small Molecule
March 3, 2026
Enliven Therapeutics/CO
Neutral Outlook
Boulder, CO
51-200 employees
In August 2022, Congress passed the Inflation Reduction Act of 2022, which includes prescription drug provisions that have significant implications for the pharmaceutical industry and Medicare beneficiaries, including allowing the federal government to negotiate a maximum fair price for certain high-priced single source Medicare drugs, imposing penalties and excise tax for manufacturers that fail to comply with the drug price negotiation requirements, requiring inflation rebates for all Medicare Part B and Part D drugs, with limited exceptions, if their drug prices increase faster than inflation, and redesigning Medicare Part D to reduce out-of-pocket prescription drug costs for beneficiaries, among other changes.
Disease Area: Hematology, Oncology
Drug Type: Small Molecule
March 2, 2026
Geron Corp/CA
Negative Outlook
Foster City, CA
201-500 employees
The Inflation Reduction Act of 2022 includes several provisions to lower prescription drug costs for people with Medicare and reduce drug spending by the federal government, including the Medicare Drug Price Negotiation Program, which may ultimately have a negative effect on the pricing for RYTELO.
Disease Area: Hematology, Oncology
Drug Type: Biologic
March 2, 2026
Zymeworks
Neutral Outlook
Middletown, DE
201-500 employees
In the United States, the pharmaceutical industry has been a particular focus of these efforts and has been significantly affected by major legislative initiatives. For example, in August 2022, Congress passed the Inflation Reduction Act of 2022, which includes prescription drug provisions that have significant implications for the pharmaceutical industry and Medicare beneficiaries, including allowing the federal government to negotiate a maximum fair price for certain high-priced single-source Medicare drugs, imposing penalties and excise tax for manufacturers that fail to comply with the drug price negotiation requirements, requiring inflation rebates for all Medicare Part B and Part D drugs, with limited exceptions, if their drug prices increase faster than inflation, and redesigning Medicare Part D to reduce out-of-pocket prescription drug costs for beneficiaries, among other changes. Only high-expenditure single-source drugs that have been approved for at least seven years (11 years for single-source biologics) can qualify for negotiation, with the negotiated price taking effect two years after the selection year.
Disease Area: Hematology, Immune Diseases, Oncology, Respiratory Diseases
Drug Type: Biologic
February 27, 2026
Amneal Pharmaceuticals Inc
Negative Outlook
Bridgewater, NJ
5,001-10,000 employees
The drug pricing reforms in the IRA have impacted, and may impact in the future, the prices of certain of our products.
Disease Area: Cardiology, Dermatology, Endocrinology, Hematology, Infectious Diseases, Multiple, Neurological Diseases, Oncology
Drug Type: Biologic, Small Molecule
February 26, 2026
Akebia Therapeutics, Inc.
Negative Outlook
Cambridge, MA
201-500 employees
However, there are many variables that are outside of our control and if we increase the price of Auryxia or Vafseo faster than the pace of inflation, we would be subject to additional rebates under Medicare, which could have a material adverse effect on our product revenues.
Disease Area: Chronic Disease, Hematology, Multiple
Drug Type: Small Molecule
February 26, 2026
Ionis Pharmaceutical
Neutral Outlook
Carlsbad, CA
1,001-5,000 employees
In addition, the Inflation Reduction Act of 2022, or the IRA, includes key actions aimed at reducing the costs of prescription drugs and allows HHS to negotiate the price of certain single-source drugs covered under Medicare and establish a price cap on such drugs.
Disease Area: Antiviral, Cardiology, Chronic Disease, Hematology, Metabolic Diseases, Neurological Diseases, Rare Diseases
Drug Type: Biologic