PhRMA Statement on 340B ACCESS Act

WASHINGTON, D.C. (May 28, 2024) – Today, Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Stephen J. Ubl released the following statement:

“Over the decades, the 340B program has lost its way and become a piggy bank for many, with large hospitals, PBMs and pharmacy chains siphoning money from the program without using it to improve access to lower cost medicines in their communities. The 340B ACCESS Act would put an end to that, marking a major milestone in the longstanding effort to fix the 340B program so that it works better for patients and true safety-net providers.

“When we joined forces with the National Association of Community Health Centers over a year ago, our hope was that it would lead to Congress pursuing a comprehensive set of changes to the program – including patient affordability requirements, clarifications around hospital eligibility and enforceable accountability measures. Today, we’re seeing that become a reality, showing the value of stakeholders coming together to solve our nation’s health care problems.”

About PhRMA

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. 

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