WASHINGTON, D.C. (March 7, 2024) — The Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Stephen J. Ubl released the following statement following President Biden’s State of the Union address:

“We share the president’s vision in curing cancer, making health care more affordable and keeping America at the forefront of cutting-edge research. But in order to achieve these goals, we need to target the right solutions. 

“The IRA is stifling lifesaving research — like the very research needed to get the president’s Cancer Moonshot off the ground — and creating access barriers for patients. There is bipartisan support for fixing some of the flaws of the IRA, yet the administration is rushing to make this bad law worse. Letting government bureaucrats arbitrarily set the price of medicines allows politics to dictate which cures are worth investing in and who should get access to them. It puts the government between patients and their doctors. 

“Employers, pharmacists, patient advocates and state regulators, among a host of others are encouraging lawmakers to hold pharmacy benefit managers accountable. These corporate health care giants are gaming the system and driving up medicine costs for patients, and we’re hopeful Congress will pass strong, bipartisan PBM reform this year.  

“Our industry employs hundreds of thousands of people who work each day to improve the lives of patients, and we need policies that support and strengthen their work, not put it at risk. By aligning on the right fixes to our health care system, we can help deliver the right solutions to accomplish our shared goals.”