While the details are still being clarified, the principle is simple – tie the price of Medicare-covered drugs in the US to the lowest price paid in other developed countries.
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From an investor perspective, this amounts to uncertainty. However, the biotech sector is not the primary target of these reforms.
Drug sales are largely the preserve of pharmaceutical companies, while biotech companies dominate the development stage, leaving the latter somewhat ringfenced from drug pricing changes.
What is more, only a very …
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