PhRMA Statement on CMS’ Initial Price-Setting “Offer” to Biopharmaceutical Companies

WASHINGTON, D.C. (February 1, 2024) – Today, Pharmaceutical Research and Manufacturers of America (PhRMA) Senior Vice President of Public Affairs Alex Schriver released the following statement in response to the Centers for Medicare & Medicaid Services (CMS) sending biopharmaceutical companies selected for price setting under the Inflation Reduction Act an "initial offer" for what they think the value is for 10 innovative medicines:

“This continues to be an exercise to win political points on the campaign trail rather than do what’s in the best interest of patients. Government bureaucrats are operating behind closed doors to set medicine prices without disclosing for months how they arrived at the price or how much patient and provider input was used. This lack of transparency and unchecked authority will have lasting consequences for patients long after this administration is gone.”

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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