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Biopharma can find plenty to celebrate — and a few things to despair over — in the new Republican plan to rewrite the tax code.

The long awaited “Tax Cuts and Jobs Act,” unveiled as a House bill on Thursday, will likely still be revised significantly. But so far, here are the seven provisions with the biggest implications for the drug industry:

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The corporate tax rate would drop to 20 percent

This is the big one for drug makers and other U.S. businesses: The legislation cuts the top corporate tax rate to 20 percent, down from 35 percent.

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