Also depressing me, as I'm not that far from eligibility.
I suspect that the cuts will be aimed more at doctors, hospitals, and patients than the powerful pharmaceutical industry, but even they may be hurt a bit. Oncology drugs in particular are mostly used by the over-65 population.
I think when all is said and done -- meaning when the planned "bipartisan commission" reports in late November and its recommendations are most likely (not that I wish it, though they've created a Hobson's choice) adopted -- they'll mostly cut payments to providers and maybe increase premiums and copays for patients, with payments to pharma surviving mostly unscathed. But in the meantime, I think the uncertainty as to where the cuts will fall will hurt biotechs.