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).
All entries for: Other
April 20, 2026
Bristol Myers Squibb
Layoffs
Lawrence Township, NJ
10,000+ employees
Bristol Myers Squibb is letting go of more employees at its Lawrenceville, New Jersey, location, according to a Worker Adjustment and Retraining Notification (WARN) Act notice for the state. This time, the pharma will part ways with 206 employees, with the terminations set to take effect from July 16 through Dec. 31.
This is the second time that layoffs have come to BMS’ Lawrenceville operations—in February, the pharma let go of 247 staff in the area. The company’s corporate headquarters is located in Lawrenceville, as is an R&D facility. It is unclear if both offices are affected by the ongoing cuts.
Lawrenceville also bore the brunt of BMS’ layoffs last year, with workforce reductions affecting 1,266 people total. WARN notices for the area in 2025 disclosed that 290 employees were booted in February, 516 in May, 68 in July, 282 in September and 110 in November. Effective dates for those cuts began last year, with some dates continuing into 2026.
Disease Area: Other
Drug Type: Biologic, Small Molecule
April 15, 2026
Astellas Pharma/Universal Cells
Layoffs
Chuo-Ku, Tokyo
10,000+ employees
Tokyo-based Astellas Pharma will close the Seattle office of Universal Cells, its wholly owned subsidiary that creates engineered, allogeneic stem cells, a move that will affect 50 employees. A handful of affected staffers’ positions will be moved to the pharma’s other research locations in South San Francisco, California, and Westborough, Massachusetts, according to a Worker Adjustment and Retraining Notification (WARN) Act notice.
While the 50 employees are slated for layoffs, those who take internal transfer opportunities or roles with another Astellas corporate affiliate prior to their separation date won’t be let go as part of the cuts, according to the notice. The workforce reduction will be effective in multiple waves starting July 1, 2026, and ending April 1, 2028.
A company spokesperson told BioSpace in an emailed statement that the pharma is consolidating cell and gene therapy and oncology research activities in Seattle into its South San Francisco and Westborough sites.
Disease Area: Other
Drug Type: Biologic, Small Molecule
April 3, 2026
Biovectra
Layoffs
Charlottetown , PE
501-1,000 employees
Contract development and manufacturing organization Biovectra, a wholly owned subsidiary of Agilent Technologies, is cutting staff at its Prince Edward Island and Nova Scotia, Canada, locations, CBC/Radio-Canada reported March 27.
Agilent told the media outlet the company is making targeted workforce adjustments that will affect less than 45 employees. The adjustments “reflect current market conditions while also enabling a more streamlined structure with clearer accountability and faster decision-making,” according to the statement.
Agilent in 2024 acquired Biovectra, which is based in Charlottetown, Prince Edward Island, for $925 million. The deal boosted Agilent’s capabilities in producing biologics and oligonucleotide therapies.
Disease Area: Other
Drug Type: Biologic, Small Molecule
March 31, 2026
Belite Bio, Inc
Neutral Outlook
San Diego, CA
51-200 employees
Notably, on August 16, 2022, President Biden signed the “Inflation Reduction Act of 2022” (IRA) into law, incorporating many key provisions of the “Build Back Better Act”. Prescription drug price reform is a focal point of this landmark legislation that incorporates many proposals advanced over the last decade to overhaul drug costs under the Medicare program.
Disease Area: Other, Rare Diseases
Drug Type: Small Molecule
March 31, 2026
Belite Bio, Inc
Neutral Outlook
San Diego, CA
51-200 employees
Notably, on August 16, 2022, President Biden signed the “Inflation Reduction Act of 2022” (IRA) into law, incorporating many key provisions of the “Build Back Better Act”. Prescription drug price reform is a focal point of this landmark legislation that incorporates many proposals advanced over the last decade to overhaul drug costs under the Medicare program.
Disease Area: Other, Rare Diseases
Drug Type: Small Molecule
March 26, 2026
Dare Bioscience
Neutral Outlook
San Diego, CA
1-50 employees
However, the IRA’s impact on the pharmaceutical industry in the United States remains uncertain, in part because multiple large pharmaceutical companies and other stakeholders (e.g., the U.S. Chamber of Commerce) have initiated federal lawsuits against CMS arguing the program is unconstitutional for a variety of reasons, among other complaints.
Disease Area: Other
Drug Type: Biologic, Small Molecule
March 26, 2026
BioRestorative Therapies
Neutral Outlook
Melville, NY
1-50 employees
In August 2022, President Biden signed the Inflation Reduction Act, or the IRA, which provides for (i) the government to set or negotiate prices for select high-cost Medicare Part D (beginning in 2026) and Medicare Part B drugs (beginning in 2028) that are more than nine years (for small-molecule drugs) or 13 years (for biological products) from their FDA approval, (ii) manufacturers to pay a rebate for Medicare Part B and Part D drugs when prices increase faster than inflation beginning in 2022 for Medicare Part D and 2023 for Medicare Part B drugs, and (iii) Medicare Part D redesign which replaces the current coverage gap provisions and establishes a $2,000 cap for out-of-pocket limits costs for Medicare beneficiaries beginning in 2025, with manufacturers being responsible for 10% of costs up to the $2,000 cap and 20% after that cap is reached. Implementation of the IRA is expected to be carried out through upcoming actions by regulatory authorities, the outcome of which is uncertain.
Disease Area: Metabolic Diseases, Other
Drug Type: Biologic