WASHINGTON, D.C. (November 2, 2021) – The following can be attributed to PhRMA President and CEO Stephen J. Ubl:
“This proposal is essentially Speaker Pelosi’s disastrous H.R. 3 dressed up as a compromise. If passed, it will upend the same innovative ecosystem that brought us lifesaving vaccines and therapies to combat COVID-19. Under the guise of ‘negotiation,’ it gives the government the power to dictate how much a medicine is worth and leaves many patients facing a future with less access to medicines and fewer new treatments. While we’re pleased to see changes to Medicare that cap what seniors pay out of pocket for prescription drugs, the proposal lets insurers and middlemen like pharmacy benefit managers off the hook when it comes to lowering costs for patients at the pharmacy counter. It threatens innovation and makes a broken health care system even worse.”
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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