WASHINGTON, D.C. (August 12, 2021) – Pharmaceutical Research and Manufacturers of America president and CEO Stephen J. Ubl issued the following statement today after President Biden called on congress to lower prescription drug prices.
“We stand ready to work with lawmakers and do our part so that patients can see lower costs at the pharmacy and continued access to the cures and treatments they need. Unfortunately, the policies the president outlined today would undermine access to life-saving medicines and fail to address an insurance system that shifts the cost of treatments onto vulnerable patients. Many in Congress know that access to medicine is critical for millions of patients and Medicare is not a piggy bank to be raided to fund other, unrelated government programs. This is a misguided approach. The recent infrastructure bill is a reminder that bipartisan reform is possible, and patients deserve the same bipartisan leadership to help ensure they have access to their medicines with out-of-pocket costs that are affordable.”
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 an estimated $91.1 billion in 2020 alone.