WASHINGTON, D.C. (November 6, 2024) – Today, the Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Stephen J. Ubl released the following statement on the 2024 election:

“We congratulate President-Elect Donald Trump on his victory and look forward to working with him to build on the successes from his first administration.

“During his first term, President Trump led the charge to rein in PBM abuses and ensure more of the rebates they negotiate are passed on to patients at the pharmacy counter. We will continue working with policymakers to advance bipartisan PBM reforms that lower costs and reduce barriers to patient access.

“The biopharmaceutical industry is a crown jewel of the American economy, giving American patients more medicine choices than anywhere else in the world and supporting millions of high-paying, high-tech jobs around the country. We want to work with his administration to further strengthen our innovation ecosystem that enables the United States to lead the world in medicine development. New medicines are transforming our ability to prevent, treat, and cure deadly disease, improving patient lives and helping to avoid the most expensive parts of our health care system.

“We are committed to working with the Trump administration and the new Congress to make our health care system work better for patients while preserving our unique ecosystem that enables greater innovation and lower costs for patients.”

About PhRMA

The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are laser focused on developing innovative medicines that transform lives and create a healthier world. Together, we are fighting for solutions to ensure patients can access and afford medicines that prevent, treat and cure disease. Over the last decade, PhRMA member companies have invested more than $800 billion in the search for new treatments and cures, and they support nearly five million jobs in the United States.

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