Money Racket CMS can only negotiate a drug's price if it doesn't already have biosimilar competition — and that single carve-out is quietly deciding which biotech's revenue base survives the IRA intact.
The Inflation Reduction Act lets Medicare set a "maximum fair price" on a drug's Part B or Part D spend once it's been on the market long enough (7 years for small molecules, 11 for biologics) — but it can't touch a drug once a biosimilar is "approved and marketed." That one clause is a loophole big enough to drive a franchise through, and it's splitting Regeneron and Amgen onto opposite sides of the ledger.
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