The Biden administration announced that the manufacturers of the first ten drugs selected for the Inflation Reduction Act’s (IRA) price negotiation program under Medicare agreed to participate in the process. In a September 11, 2023 op-ed, TPA noted, “Basic economics says that when a product’s production costs rise and its sales revenues fall, firms will produce less of it. By excising manufacturers’ incentive to produce, price controls invariably lead to stunted innovation, worse product quality, and supply shortages. The pharmaceutical industry has no special immunity from this basic economic phenomenon.