Novartis follows suit with IRA litigation

Novartis has filed a lawsuit challenging the constitutionality of the Inflation Reduction Act’s Medicare drug price negotiation program. The case raises issues similar to those in eight other lawsuits, asserting that the law constitutes an unconstitutional taking of private property, imposes an excessive fine that is “wildly disproportionate to the punished conduct,” and is an “effort to compel misleading speech in violation of the First Amendment.”

Novartis AG (SIX:NOVN; NYSE:NVS) filed the case on Sept. 1 in the U.S. District Court for New Jersey, the same court in which the Janssen Pharmaceuticals unit of Johnson & Johnson (NYSE:JNJ) filed a similar suit in July. ...