Johnson & Johnson sues Biden administration over Medicare drug price negotiations

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Johnson & Johnson sues Biden administration over Medicare drug price negotiations
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Merck, Bristol Myers Squibb, the U.S. Chamber of Commerce and PhRMA filed separate lawsuits against the provision last month.

, as well as by the U.S. Chamber of Commerce and PhRMA, the pharmaceutical industry's largest lobbying group, made similar arguments.

J&J said its suit aims to stop the "innovation-damaging congressional overreach that threatens the United States' primacy in developing transformative therapies and in patients' access to those treatments." The policy aims to make drugs more affordable for older Americans but will likely reduce pharmaceutical industry profits.

The Health and Human Services Department, which is named as the defendant in the lawsuits, did not immediately respond to CNBC's request for comment.

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