WASHINGTON, D.C. (November 20, 2020) – Pharmaceutical Research and Manufacturers of America president and CEO Stephen J. Ubl issued the following statement:
“It defies logic that the administration is blindly proceeding with a ‘most favored nation’ policy that gives foreign governments the upper hand in deciding the value of medicines in the United States. History proves that when governments take unilateral action to set prices, it disrupts patient access to treatments, discourages investment in new medicines and threatens jobs and economic growth.
“We need as many shots on goal as possible to beat this pandemic and begin the economic recovery America needs. And we’ve seen immense progress with vaccine candidates showing promising clinical trial results and treatments making their way through FDA review. This progress is possible largely because of America’s global leadership in biopharmaceutical R&D. Despite this, the administration is willing to upend the entire system with a reckless attack on the companies working around the clock to end this pandemic. PhRMA is considering all options to stop this unlawful onslaught on medical progress and maintain our ability to win the fight against COVID-19.
“As part of the 2020 election, Americans made it clear: Policymakers must address COVID-19 and concerns around pre-existing conditions and out-of-pocket costs. PhRMA remains committed to pursuing policy solutions that improve our health care system and address what Americans need, and reforming our rebate system is one such approach that could help to strengthen and realign incentives in the system, as well as improve patient affordability. We are still reviewing the finalized rebate rule, but we are hopeful it will guarantee that seniors will finally see the savings at the pharmacy counter from discounts their health plans negotiate with biopharmaceutical companies.”
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 $900 billion in the search for new treatments and cures, including an estimated $79.6 billion in 2018 alone.