AstraZeneca's Soriot warns new U.S. drug price law will hurt innovation

AstraZeneca's chief executive Pascal Soriot warned on Tuesday new U.S. legislation capping drug prices would reduce the ability of companies to recoup their investment on developing new drugs and hurt innovation.

Speaking to Reuters, he said the British drugmaker's top-selling cancer therapy Tagrisso as well as its potential blockbuster Enhertu would likely be negatively affected by the new law in the coming years.

Last week, a landmark law that included provisions to tackle the rising cost of medicines was passed in the United States, in a rare legislative defeat for the powerful pharmaceutical industry that set a precedent for curbing drug prices in the world's most lucrative market for medicines.