Merck—which made $59.3 billion in revenue and $14.5 billion in profits in 2022—argued Tuesday that the Biden administration's effort to lower exorbitant drug prices for seniors would somehow restrict its ability to invest in new cures and treatments.
The three major insulin makers announced in March that they would implement monthly price caps and/or lower the list price of insulin. The moves came after years of activism from diabetics and the passage of two federal laws that pressured the companies to act.
Republicans immediately rejected Biden's plan, but have yet to release their own budget. They have made it clear, however, that they want to apply deep spending cuts to everything from health insurance to food assistance benefits.