Misleading Drug Pricing Report Fails to Address Real Affordability Challenges Patients Face

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The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are laser focused on developing innovative medicines that transform lives and create a healthier world. Together, we are fighting for solutions to ensure patients can access and afford medicines that prevent, treat and cure disease. Over the last decade, PhRMA member companies have invested more than $850 billion in the search for new treatments and cures, and they support nearly five million jobs in the United States.

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WASHINGTON, D.C. (December 10, 2021) – Pharmaceutical Research and Manufacturers of America (PhRMA) Executive Vice President for Public Affairs Debra DeShong released the following statement after the House Committee on Oversight and Reform released a final report on drug pricing:

“Like the disastrous bill championed by Democratic leaders, this misleading report fails to address abusive practices by insurance companies and middlemen who profit off a broken system while patients can’t afford their medicines. This so-called investigation has ignored the real affordability problems people face, like rising deductibles and other out-of-pocket costs. This is nothing more than a partisan exercise to justify an extreme proposal that will restrict patient access to lifesaving cures and treatments. We think there’s a better way that would lower costs at the pharmacy, while preserving choice, access and innovation. We are committed to working with policymakers on commonsense, bipartisan solutions that address the real affordability challenges patients face.”

About PhRMA

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.

For information on how innovative medicines save lives, please visit:

www.PhRMA.org
www.Innovation.org
www.MAT.org
www.Facebook.com/PhRMA
www.Twitter.com/PhRMA

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Access to Medicines