About PhRMA
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. (November 25, 2025) – The Pharmaceutical Research and Manufacturers of America (PhRMA) today released the following statement from Alex Schriver, Senior Vice President of Public Affairs, in response to CMS releasing the Maximum Fair Prices (MFP) for IPAY 2027 selected drugs:
"Whether it is the IRA or MFN, government price setting for medicines is the wrong policy for America. Price setting does nothing to rein in PBMs who decide which medicines are covered and what patients pay. In fact, many patients are facing additional coverage barriers and paying more out-of-pocket for medicines because of the IRA.
“These flawed policies also threaten future medical innovation by siphoning $300 billion from biopharmaceutical research, undermining the American economy and our ability to compete globally.
“Our industry is stepping up to make medicines more affordable by enabling direct purchase at lower prices and investing in U.S. manufacturing and infrastructure. But policymakers must act to tackle the true causes of rising costs: middlemen — like PBMs and 340B hospitals — inflating prices and foreign governments refusing to pay their fair share for breakthrough medicines.”