Ahead of next week’s J.P. Morgan Healthcare Conference, several PhRMA board members spoke with investors during a virtual conversation about what the new Congress and administration should focus on as they set their 2025 health care agenda.
PhRMA’s President and CEO Stephen J. Ubl kicked off the conversation, and was joined by:
- Chris Boerner, Chairman and CEO, Bristol Myers Squibb
- Ashley Magargee, CEO, Genentech
- Daniel O’Day, CEO, Gilead Sciences, and Board Chair, PhRMA
There are several takeaways from the conversation:
- The biopharmaceutical industry is focused on preventing and mitigating chronic disease. We are committed to working with the new administration and Congress in tackling the country’s biggest health care challenges.
- There is an urgent need for the new administration and Congress to fix the pill penalty. It discourages R&D in small molecule medicines and undermines U.S. leadership in medical innovation.
- Right now, half of every dollar spent on brand medicines goes to entities that play no role in the research, development, or manufacturing of those medicines. We need to address other actors in the system that are driving up costs for patients, and that includes reforms to PBMs and to the 340B program.
