WASHINGTON, D.C. (March 10, 2023) – Today, the Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Stephen J. Ubl released the following statement on the President’s Budget for Fiscal Year 2024:
“The administration is intent on chasing bad policy with worse. Despite what they claim when it comes to innovation and progress against disease, the policies they are pursuing will hurt patients and families waiting urgently for therapies that aren’t yet available. Progress cannot be made toward curing cancer or defeating Alzheimer’s disease when you’re intent on incapacitating the only industry capable of doing so. This budget proposal proves the administration favors scoring political points today by sacrificing innovative new treatments and cures for patients tomorrow.
“Not only does this administration continue to villainize and undermine biopharmaceutical innovation and progress, but they also refuse to acknowledge the role other actors in the system play in driving up costs for patients at the pharmacy counter and costs to the broader health care system. Hospitals along with insurers, PBMs and others receive more than 50 cents of every dollar spent on brand medicines and can force patients to pay more for medicines than they do. This budget doesn’t address these dynamics and instead, sends a signal to investors and the rest of the world that the United States is ready to offshore biopharmaceutical innovation – and the millions of jobs it supports.”
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. Over the last decade, PhRMA member companies have more than doubled their annual investment in the search for new treatments and cures, including nearly $101 billion in 2022 alone.