Pain for drug, device industries in debt ceiling deal

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Description: Last month's debt ceiling debacle will likely mean some pain for the the drug and device industries, along with everyone else. First off, the bill, which mandates immediate cuts of nearly a trillion dollars and an additional $1.5 trillion in cuts to be determined by a bipartisan Congressional committee, will almost certainly hit the FDA's budget. The legislation also paints a big target on Medicare and Medicaid, which are spared from round one of the cuts, but will likely bear much of the nondefense portion of cuts -- at least half of the total -- in round two.
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