For years, lawmakers have been chomping at the bit to reduce the perceived power of the pharmaceutical industry — once the crown jewel of American business. Their efforts have finally come to fruition with the signing into law of the misnamed Inflation Reduction Act. The law, in part, allows Medicare to begin “negotiating” the price of some prescription drugs for seniors. Despite a fierce last-minute lobbying campaign to try and scuttle these provisions, the industry suffered a stunning and yet predictable legislative defeat.

As the moment the industry has dreaded for years has finally come to pass, make no mistake — we did not get here overnight. In many ways, the industry brought this upon itself, and the untold damage is just beginning.