Press Release

PhRMA Statement on the Independent Payment Advisory Board

PhRMA January 31, 2011

Washington, D.C. (January 31, 2011) — Pharmaceutical Research and Manufacturers of America (PhRMA) Senior Vice President Wes Metheny issued the following statement today:

“We continue to have significant concerns about the overly broad powers of the unelected IPAB, which could enact sweeping Medicare changes without Congress’ oversight and which would not be subject to judicial or administrative review.

“We believe IPAB will result in access problems for Medicare beneficiaries. Therefore, IPAB in its current form must be repealed.

“It should be noted that many organizations share PhRMA’s concerns on IPAB. In fact, over 75 organizations nationwide, including hospital and physician groups, have publicly expressed either concern or outright opposition to IPAB.

“In addition, opposition to IPAB is clearly a bipartisan issue. Members of both parties in Congress do not support retaining the board as it currently stands.

“We look forward to working with Congress to address these concerns and to identify ways to contain medical costs without creating new barriers to quality health care.”

The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading pharmaceutical research and biotechnology companies, which are devoted to inventing medicines that allow patients to live longer, healthier, and more productive lives. PhRMA companies are leading the way in the search for new cures. PhRMA members alone invested an estimated $45.8 billion in 2009 in discovering and developing new medicines. Industry-wide research and investment reached a record $65.3 billion in 2009.

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