Eli Lilly advises Congress against letting Medicare negotiate drug prices

In an effort to lower the cost of prescription drugs, Congress is considering a proposal to allow Medicare to negotiate prescription drug prices. Eli Lilly and Co. Chief Executive Officer Dave Ricks warns the move would have a devastating impact on the pharmaceutical industry — and result in a 40% reduction in U.S. revenues for Eli Lilly. He adds that would mean deep cuts in research and development spending — and fewer jobs in Indiana.