Pharma falling off budget cliff

Three strong arms are lining up in Washington to take turns whacking the biopharma piñata. Divisions within the industry, a lack of new ideas, and resistance to change are making a bad situation worse for drug companies.

The first bat is synched to a clock that started ticking in 2018 when Congress passed a law that created a $126 billion budget hole in FY20. Congress will have to figure out how to fill that hole this spring. ...