WASHINGTON, D.C. (March 1, 2022) – The Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Stephen J. Ubl released the following statement following President Biden’s State of the Union address:
“Tonight, President Biden outlined the challenges and opportunities we face as a nation. As we’ve seen throughout the pandemic, America’s biopharmaceutical industry is a leader in innovation and tackling big problems. We will continue to do our part to help end the pandemic and build a stronger, more equitable and affordable health care system. Innovative treatments can only improve lives if they are accessible and affordable, yet we know many patients face out-of-pocket costs they can’t afford and harmful barriers that stand between them and the care they need.
“We urge President Biden and Congress to work on a holistic solution that fixes what’s broken in our health care system. Allowing the government to set the price of medicines isn’t the answer. We know that story will end with less access to medicines and less future innovation, and we know there’s a better way. Let’s work together on solutions that lower costs for patients, address abusive practices within the insurance system and protect the development of new cures and treatments.”
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier and more productive lives. Over the last decade, PhRMA member companies have more than doubled their annual investment in the search for new treatments and cures, including nearly $101 billion in 2022 alone.