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[ad_1] Bristol Myers Squibb on Friday sued the Biden administration over Medicare's new powers to slash drug prices, the third such lawsuit to be filed against the program in a matter of days. The lawsuit, filed in federal district court in New Jersey, argues the Medicare negotiations violate the First and Fifth Amendments of the U.S. Constitution. Bristol Myers Squibb has asked the court to declare the program unconstitutional and prevent the Health and Human Services Department from forcing the company to enter negotiations. The drugmaker's arguments mirror those lodged by Merck last week, which was the first company to sue the federal government over the drug negotiations. The U.S. Chamber of Commerce has also sued HHS over the program with similar arguments. Bristol Myers Squibb said its blood thinner Eliquis, used to treat clots and strokes, will be subject to the negotiations this year. The company generated $11.8 billion in revenue from Eliquis last year, about 25%...

[ad_1] Pavlo Gonchar | LightRocket | Getty Images Johnson & Johnson on Tuesday sued the Biden administration over Medicare's new powers to slash drug prices, making it the third pharmaceutical company to challenge the controversial provision of the Inflation Reduction Act .   The lawsuit filed in federal district court in New Jersey argues the Medicare negotiations violate the First and Fifth Amendments of the U.S. Constitution. Earlier suits brought separately by drugmakers Merck and Bristol Myers Squibb , as well as by the U.S. Chamber of Commerce and PhRMA , the pharmaceutical industry's largest lobbying group, made similar arguments. J&J's complaint asks a judge to block the U.S. Health and Human Services Department from compelling the drugmaker to participate in the program. The company said its suit aims to stop the "innovation-damaging congressional overreach that threatens the United States' primacy in developing transformative therapies...