WASHINGTON, D.C. (March 16, 2022) – The Pharmaceutical Research and Manufacturers of America (PhRMA) Executive Vice President of Public Affairs Debra DeShong released the following statement after the Senate Finance Committee’s hearing on drug pricing:
“Today’s hearing demonstrated that many lawmakers aren’t serious about taking on the bipartisan work necessary to address the real challenges patients experience at the pharmacy. Government price setting won’t address the abusive insurance practices that put barriers between patients and the medicines they need, but it will jeopardize access to medicines and future innovation. The government’s own data show prescription medicines are not fueling inflation. If lawmakers continue to misdiagnose the problem, they won’t prescribe the kind of meaningful solutions patients need. Let’s focus on areas where there is broad agreement, like capping what seniors have to pay for medicines, and begin to deliver real relief for American patients.”
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 $1.1 trillion in the search for new treatments and cures, including $102.3 billion in 2021 alone.