not used title
not used title
As our industry prepares to collaborate with the next administration and Congress, I joined several leaders at Milken Institute’s Future of Health Summit to discuss the state of innovation and patient access, as well as patient-centric health care reforms that will ensure medicines make their way to patients.
Across the board, we agreed that action is needed to rebuild our health care system so that all patients can access their medicines. Here are my 3 takeaways from the conversation:
- Prevention is crucial in reducing our overall health care spending. The role that medicines and vaccines play in lowering health care costs highlights the need to protect the promising innovation we see in the R&D pipeline today. We’ve seen research that shows half the marked slowdown in Medicare spending growth over a decade ago was due reduced spending on cardiovascular diseases and more than a quarter was due to greater use of cardiovascular medicines.
- The Inflation Reduction Act’s (IRA) negative impact on innovation is well documented, but the repercussions reach far beyond to patients and other entities. With the implementation of price setting, some independent pharmacies may no longer stock certain medicines and providers are facing billions of dollars in payment cuts without corresponding savings for patients.
- In the lame duck session, Congress has an opportunity to implement PBM reform. Holding these middlemen accountable is a bipartisan issue that would lower what patients pay in out-of-pocket costs. This reform includes delinking fees from the list price of medicines and ensuring savings make their way directly to patients.
Elizabeth Carpenter
Elizabeth Carpenter serves as executive vice president of policy and research for the Pharmaceutical Research and Manufacturers of America (PhRMA).
Carpenter leads policy and research at PhRMA, focusing on policy analysis, original research and policy development. Previously, she spent 10 years at the health policy and business strategy firm, Avalere, most recently serving as president. Prior to joining Avalere, Carpenter was a senior advisor in the health policy practice at McKenna Long & Aldridge LLP, where she provided government affairs and public policy support to payers, providers, private exchanges, and states on a wide range of health policy and political issues.
Previously, she served as the associate policy director for the Health Policy Program at the New America Foundation where she led Congressional and media relations during the debate over the ACA and provided educational and technical support to stakeholders, members of Congress and the media. Carpenter started her career on Capitol Hill on the legislative and campaign staffs of Senator Lincoln Chafee (RI).
Elizabeth Carpenter headshot
https://x.com/ea_carpenter
https://www.linkedin.com/in/elizabethavalere/
Executive Vice President, Policy and Research
As football season kicks off, hospitals keep scoring on 340B
September 9, 2026
Bayh-Dole: The fuel for America’s innovation engine
September 2, 2026
ICYMI: Hospital consolidation is driving up health care costs
August 27, 2026
What AARP isn’t telling seniors about MFN
August 24, 2026
It's time to modernize 340B: The case for a rebate model
August 19, 2026
CMS proposal could discourage patient-centered innovation
August 18, 2026
ICYMI: Biopharmaceutical companies in America hit new investment milestone
August 14, 2026
Nearly 1 in 4 patients initially denied access to IRA medicines
August 6, 2026
ICYMI: Fox business hosts call 340B a ‘Rotten System’ and ‘Cash Cow’ for hospitals
July 23, 2026
Medicare Part D at 20: Building on a strong foundation
July 23, 2026
340B’s reality: A booming business for hospitals, pharmacies and corporate giants
June 25, 2026
340B’s lack of guardrails lets big hospital systems turn it into an oversight-free revenue stream
June 22, 2026
World Sickle Cell Day: Recognizing the promise of gene therapy
June 19, 2026
Private equity's new play? Become a nonprofit to profit off 340B.
June 5, 2026
America's cancer research progress is real and worth protecting
May 28, 2026
340B is growing, but it is unclear if Illinois patients benefit
May 27, 2026
Ahead of ASCO: Cancer innovation is promising, but policy choices matter
May 26, 2026
Fox Business spotlights hospitals abuse of the 340B program
May 15, 2026
The Wall Street Journal raises new alarms about 340B
May 11, 2026
MFN won’t lower costs when insurers call the shots
May 8, 2026
Hospitals in the hot seat: Congress sharpens focus on 340B, consolidation and rising costs
May 7, 2026
New "Goldmine” ad reveals hospitals hide how they profit from 340B markups
May 6, 2026
Guest Blog: How MFN price controls could decide my health care
April 30, 2026
A program off track: How 340B drives both hospital consolidation and system gaming
April 27, 2026
Washington Post Editorial Board says 340B has become “corporate welfare”
April 27, 2026
States should avoid repeating the IRA’s price‑setting mistakes
April 21, 2026
Modernizing 340B using rapid verification: The case for a rebate model
April 20, 2026
Congress should look under the hood of 340B, hospitals don't want them to
March 19, 2026
How AI is transforming the drug innovation lifecycle
March 19, 2026
Insurers routinely block seniors’ access to medicines in Medicare Part D
March 18, 2026
340B hospitals buy low and sell high, a new analysis shows
March 12, 2026
New report from Minnesota: 340B is generating billions for big hospitals
March 9, 2026
MFN undermines U.S. biopharmaceutical innovation
February 25, 2026
340B hospital markup scheme is costing states, taxpayers billions
February 25, 2026
CMS puts patients and innovation at risk with MFN
February 24, 2026
Questions mount over 340B program and increased cost to everyone
February 23, 2026
PhRMA Forum 2026 highlights the importance of fostering the next era of American leadership
February 18, 2026
New list of selected drugs highlights growing consequences of government price setting
January 28, 2026
50-state poll says Americans are concerned that hospital markups hurt patients
January 27, 2026
New analysis finds 340B hospitals push patients toward costly care to boost profits
January 21, 2026
Data shows tax-exempt hospital profit-seeking behavior, not drug prices, is driving explosive 340B expansion
January 8, 2026
Big, tax-exempt hospitals are charging cancer patients, employers massive medicine markups
January 5, 2026
340B’s billion-dollar boom: Oversight lags as spending soars
December 19, 2025
New study: 340B rebate model pilot won’t hurt cash flow for providers
December 18, 2025
Guest blog: Making the most of the Medicare Prescription Payment Plan
December 8, 2025
One thing the Senate can agree on: It’s time to fix 340B
November 25, 2025
Middlemen mark up drug prices and keep discounts meant for you
November 10, 2025
The Administration approves manufacturers’ 340B rebate pilot plans
November 6, 2025
340B abuses are fueling higher Medicare costs, new BRG report shows
October 15, 2025
What seniors can expect this open enrollment
October 14, 2025
Part D premiums are going up, while choices are going down
October 8, 2025
ICYMI: The Wall Street Journal calls 340B reform a “good idea to cut drug costs”
September 23, 2025
340B hospitals use scare tactics to evade accountability
September 16, 2025
Why states struggle to deliver savings: Middlemen and 340B siphon dollars from patients and states
September 15, 2025
CBO: 340B program costs taxpayers, no evidence patients benefit
September 10, 2025
PhRMA stresses importance of 340B Rebate Model Pilot
September 9, 2025
Delivering breakthroughs and lower costs for patients
September 8, 2025
New “Meet Mark” ad exposes how the 340B hospital markup program drives up costs for everyone
September 3, 2025
New study unmasks how big-city hospitals exploit 340B by posing as rural providers
August 21, 2025
Study: 340B hospitals drive up patient drug costs
August 15, 2025
Curbing 340B abuse and rising costs with the rebate model
August 12, 2025
Celebrating 60 Years of Medicare
July 30, 2025
Medicare patients face higher drug costs, despite IRA promises
July 22, 2025
The hidden cost of 340B: A multi-billion-dollar burden on taxpayers and Medicaid
July 14, 2025
Latest analysis from Ohio exposes growing abuses of the 340B markup program
July 7, 2025
What to know about vaccine ingredients: Aluminum and thimerosal
June 24, 2025
New report finds rampant abuse of the 340B program
June 20, 2025
Americans are paying a 26% freerider tax on medicines because other countries don’t pay their fair share
June 17, 2025
Medicare Part D plans initially denied medicines for more than 70% of patients in four chronic disease areas
June 16, 2025
How the 340B hospital markup program could hurt Michigan patients
June 12, 2025
PhRMA Foundation celebrates 60 years of investing in future scientific leaders
June 11, 2025
New report: Post-approval innovation delivers substantial patient benefits
June 2, 2025
New “Balance the Scales” campaign highlights why Americans pay more for prescription medicines
May 21, 2025
How the 340B hospital markup program and PBMs drive up costs for U.S. patients
May 16, 2025
Foreign first pricing schemes don’t address why Americans pay more
May 15, 2025
When hospitals have free rein to mark up drug prices, who pays the price?
May 1, 2025
New report finds more abuse of 340B program by hospitals and drug middlemen
March 24, 2025
A closer look at how health care consolidation drives up patient costs, creates barriers to care
March 17, 2025
ICYMI: PhRMA submits comments to White House on artificial intelligence
March 17, 2025
340B markup program is a hidden tax, increasing costs for employers, straining state and federal budgets
March 5, 2025
4 things to know on Rare Disease Day
February 28, 2025
Biopharmaceutical innovation for a healthier America: PhRMA releases new innovation report
February 21, 2025
New policy agenda charts solutions for a healthier America
February 20, 2025
A successful PhRMA Forum highlights our commitment to a healthier America
February 20, 2025
CMS, don’t fall behind the rest of the medical community on obesity
February 14, 2025
New report sheds light on payment flows in the pharmaceutical supply chain, including the role of 340B and vertical integration
February 13, 2025
Guest Perspective: Prioritize Innovative Care
February 11, 2025
Preventing and fighting disease: A look at the biopharmaceutical progress made for patients in 2024
February 3, 2025
Wrapping up the J.P. Morgan Healthcare Conference
January 16, 2025
NYT exposes hospitals, middlemen make millions off a hospital markup program
January 15, 2025
PhRMA CEOs Tee Up Next Week's Health Care Conference
January 11, 2025
New study: Entities that don’t make medicines get half of what is spent on those medicines
January 7, 2025
Congratulations to our 2024 Working for Cures Employee Champions
December 11, 2024
New 340B report from Minnesota exposes steep hospital markups on medicines, patient benefits remain unclear
November 27, 2024
Michigan hospitals using federal program to markup cost of medicines, gouging patients
November 27, 2024
340B spending is exploding, forcing prices up for patients, employers and government programs
November 13, 2024
Post-approval R&D is critical for fighting cancer. The IRA makes it more difficult.
November 13, 2024
Three things to know about 340B contract pharmacies
November 12, 2024
Is CMS paying attention to the growing access barriers for Medicare patients under the IRA?
October 18, 2024
PhRMA urges HRSA not to impede new 340B pricing approaches to improve transparency and integrity
October 18, 2024
Did the administration consider the importance of blood cancer medicines to patients in price setting process?
October 8, 2024
Illegal abuse of 340B hurts us all
October 3, 2024
New Report: Tackling chronic conditions with preventive treatment
September 30, 2024
Did the administration consider the importance of blood clot medicines to patients in the price setting process?
September 25, 2024
Addressing the mounting threat of antimicrobial resistance
September 23, 2024
40 Years of Hatch-Waxman: What is the Hatch-Waxman Act?
September 19, 2024
The Inflation Reduction Act could increase costs and reduce access for millions of seniors
September 17, 2024
Are the IRA’s Part B inflation rebates lowering costs for Medicare patients? No.
September 16, 2024
New research: American biopharmaceutical investment in R&D drives transformational innovation
September 16, 2024
Did the administration consider the value of innovative diabetes medicines in price setting process?
August 28, 2024
How to protect your children’s health this school year
August 22, 2024
New survey: Insurers confirm IRA will reduce patient treatment options
August 20, 2024
The unintended consequences of government price setting in Medicare Part D
August 16, 2024
Don’t put the government between patients and their medicines
August 7, 2024
Industry-backed STEM programs have supported 111 million students and nearly 183,000 teachers
August 1, 2024
What is the low-income subsidy program and how is it changing?
July 31, 2024
Three things to know about the United Nations’ new HIV/AIDS report
July 31, 2024
Case study: How seniors could face access disruptions because of the IRA’s price setting provisions
July 22, 2024
New Report: Vaccines continue to drive improved health outcomes
July 16, 2024
The future of oncology R&D lies in policymakers’ hands
July 8, 2024
PhRMA reiterates concerns with IRA price setting program, urges CMS to mitigate harm
July 3, 2024
340B sales go up, free or reduced-cost care offered at hospitals goes down
July 1, 2024
Showcasing the promise of biopharma at ASCO 2024
June 28, 2024
Alzheimer's & Brain Awareness Month: A conversation with Biogen
June 27, 2024
The IRA could lead to higher out-of-pocket costs for 3.5 million Medicare patients in 2026
June 25, 2024
Alzheimer's & Brain Awareness Month: A conversation with Eisai
June 24, 2024
Alzheimer's & Brain Awareness Month: A conversation with Eli Lilly and Company
June 20, 2024
ICYMI: Health care policy should be driven by patients, not politics
June 10, 2024
ICYMI: Misaligned policies undermine patient access
June 6, 2024
The hidden bill patients don’t know they are paying
June 3, 2024
Women’s Health Month: A conversation with Astellas
May 31, 2024
ICYMI: Innovation transforms lives but misguided federal policies threaten patient outcomes
May 30, 2024
Mental Health Awareness Month: Supporting loved ones and improving mental health in America
May 28, 2024
Women’s Health Month: A conversation with Sage
May 23, 2024
340B grows and grows, but patients do not see the savings
May 13, 2024
340B grows and grows, but patients do not see the savings
May 13, 2024
The use of real-world data in drug development
May 13, 2024
New analysis: Accelerated approval pathway is changing lives in underserved communities
April 30, 2024
IRA is already negatively impacting access to medicines in Part D
April 25, 2024
New study finds insurers and PBMs increasing access restrictions in Medicare Part D
April 16, 2024
World Vaccine Congress: Building on vaccine success
April 1, 2024
PBMs using 340B program to drive profits at patients’ expense
March 28, 2024
The impact of innovative medicines: A caregiver's perspective
March 26, 2024
ICYMI: More evidence of the IRA’s harmful consequences on post-approval research and development
March 25, 2024
What new cures would mean to families
March 7, 2024
Watch: A conversation with Dr. Mike Ybarra on Rare Disease Day
February 29, 2024
American Heart Month: A nurse’s perspective
February 27, 2024
Proposed march-in framework would chill American innovation
February 7, 2024
What’s the 340B program like in your state?
February 7, 2024
Three things to know about antibody drug conjugates
February 2, 2024
As the administration continues to falsely claim Medicare “negotiation,” keep these points in mind
February 1, 2024
Powering the next generation of therapies: A conversation with Astellas US President Mark Reisenauer
January 30, 2024
New year, same exploitation of the 340B program
January 25, 2024
What they are saying: Experts agree that proposed march-in framework would jeopardize innovation
January 25, 2024
Novel treatments and vaccines approved for U.S. patients in 2023 reach five-year high
January 23, 2024
When it comes to the future of innovation, the ball is in policymakers’ court
January 22, 2024
The White House continues to attack American innovation
December 15, 2023
How the 340B program became a PBM giveaway
December 11, 2023
Taking stock of obesity and its costly effects
December 8, 2023
Congratulations to our 2023 Working for Cures Employee Champions
December 6, 2023
Watch: Putting patients front and center for World AIDS Day
November 30, 2023
Misuse of march-in could stifle innovation
November 27, 2023
WHO Pandemic Agreement offers opportunities and risks for American innovators
November 20, 2023
The IRA’s pill penalty threatens the future of oncology R&D
November 16, 2023
Don't close the door on rare disease research
November 13, 2023
New Report: 1,600 cancer treatments and vaccines in clinical development
November 9, 2023
Word of the Month: The Bayh-Dole Act
November 8, 2023
New report adds to questions about nonprofit status of 340B hospitals
November 7, 2023
ICYMI: 3 takeaways on the IRA’s unintended consequences from America’s Physician Groups’ 2023 annual fall conference
November 6, 2023
R&D leaders to Biden Administration: Your policies are undermining the Cancer Moonshot
October 18, 2023
Three things economists are saying about the Inflation Reduction Act
October 11, 2023
Celebrating Hispanic Heritage Month at PhRMA
October 11, 2023
ICYMI: Government watchdog report finds patients in Medicare Part D paid billions more for medicines than insurers and PBMs
September 28, 2023
Word of the Month: AMR
September 27, 2023
IRA threatens seniors’ access to robust treatment options
September 26, 2023
Medicare Prescription Payment Plan will benefit patients if implemented correctly
September 21, 2023
By the Numbers: 340B continues to climb in profits, dwindle with patient support
September 13, 2023
New PhRMA site demonstrates how a technology-driven health care system brings benefits to patients
September 11, 2023
Correcting the record: IRA’s government price setting provisions are unconstitutional
September 8, 2023
IRA changes to Part D risk access to medicines
August 24, 2023
Watch: New video series spotlights advances in biopharmaceutical science
August 24, 2023
With the first list of medicines out, let’s not forget why government price setting is bad policy
August 22, 2023
One year later IRAs unintended consequences are becoming reality
August 16, 2023
AARP’s latest misleading report
August 11, 2023
Decentralized clinical trials and the future of drug development
August 9, 2023
WTAS on reasonable pricing and public-private partnerships
August 8, 2023
New 340B Mega Guidance
August 3, 2023
New report: Hospitals mark up medicine prices 500%
August 2, 2023
read more
August 2, 2023
PhRMA responds to Senate: Today’s 340B program leaves patients behind | PhRMA
July 28, 2023
Key considerations as Congress works towards PAHPA reauthorization
July 12, 2023
New studies add to body of evidence questioning 340B efficacy
July 11, 2023
New report shows high-impact R&D happens after cancer medicines are first approved
July 10, 2023
New report shows how the Inflation Reduction Act stifles innovation for small molecule medicines
June 22, 2023
Biopharmaceutical science powered by PRIDE
June 16, 2023
ASCO 2023: Protecting our progress in the fight against cancer
June 15, 2023