WASHINGTON, D.C. (November 8, 2021) – PhRMA President and CEO Stephen J. Ubl released the following statement regarding the most recent Democratic proposal to address drug pricing:
“This drug pricing plan is not the balanced approach we need to build a better, more affordable health care system. Instead, it will make a broken system even worse. It will undermine important incentives that encourage continued innovation after a medicine is first approved, innovation that often leads to better treatments and health outcomes for patients. The plan creates perverse incentives that will discourage the development of lower-cost generic medicines and biosimilar treatments. It also fails to address the roles PBMs and insurers play in forcing patients to pay more than they should for their medicines.
“There are likely other unintended consequences resulting from this bill that will upend our global leadership in biomedical innovation and undermine the quality of care that patients receive for years to come. But these consequences aren’t being considered as these decisions are being made behind closed doors, with no congressional hearing and almost no public input. Congress should reject this flawed drug pricing plan that's being jammed through a flawed process and instead work to advance commonsense, patient-centered solutions that we know enjoy bipartisan support.”
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. Since 2000, PhRMA member companies have invested more than $1 trillion in the search for new treatments and cures, including $91.1 billion in 2020 alone.
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