On August 16, 2022, the Inflation Reduction Act of 2022, or IRA, was signed into law. Among other things, the IRA requires manufacturers of certain drugs to engage in price negotiations with Medicare, 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). The IRA permits the Secretary of the Department of Health and Human Services (HHS) to implement many of these provisions through guidance, as opposed to regulation, for the initial years. The Centers for Medicare & Medicaid Services, or CMS, has published the negotiated prices for the initial ten drugs, which went into effect in 2026 and the subsequent 15 drugs, which will first be effective in 2027, as well as the next set of 15 drugs that will be subject to negotiation, although the drug price negotiation program is currently subject to legal challenges.
All entries for: Biologic
Atara Biotherapeutics
Neutral Outlook
Thousand Oaks, CA
201-500 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 U.S. Department of Health and Human Services (HHS), the Secretary of HHS, CMS, and the CMS Administrator challenging the constitutionality and administrative implementation of the IRA’s drug price negotiation provisions.
INOVIO
Layoffs
Plymouth Meeting, PA
51-200 employees
INOVIO has cut an undisclosed number of jobs, eliminating roles that do not directly support the advancement of INO-3107, its investigational DNA immunotherapy for recurrent respiratory papillomatosis, a rare condition of the respiratory tract, toward U.S. approval. The company’s headcount dropped from 134 to 112 between early 2025 and March 2026.
Nektar Therapeutics
Neutral Outlook
San Francisco, CA
51-200 employees
Although the effects of the IRA on our business and the healthcare industry in general are not yet known, we are taking into consideration the potential impact of the IRA on our development and commercialization activities.
Adicet Bio, Inc.
Neutral Outlook
Redwood City, CA
51-200 employees
Although the effects of the IRA on our business and the healthcare industry in general is not yet known, we are taking into consideration the potential impact of the IRA on our development and commercialization activities.
Tonix Pharmaceuticals Holding Corp.
Neutral Outlook
Berkeley, CA
51-200 employees
There is no assurance that federal or state health care reform will not adversely affect our future business and financial results, and we cannot predict how future federal or state legislative, judicial or administrative changes relating to healthcare policy will affect our business.