Unprecedented drug price control system threatens innovation and future drug costs
WASHINGTON — U.S. Sen. Kevin Cramer (R-ND) joined U.S. Senate Finance Committee member Mike Crapo (R-ID) in expressing concern about the establishment of a permanent government cost-setting program. pharmaceutical drug prices, funded by billions of taxpayer dollars, in partisanship Inflation Reduction Actand raising questions about federal health agencies’ plans for implementing the program.
In a letter to Secretary of Health and Human Services (HHS) Xavier Becerra and Centers for Medicare and Medicaid Services (CMS) Administrator Chiquita Brooks-LaSure, the senators highlight the outsized risks that the impending government initiative pricing poses for patients, frontline health care providers, small businesses, and the U.S. economy as a whole, and urge officials to weigh the impacts on access to health care, research, and the development (R&D) and domestic manufacturing.
“As confirmed by the Congressional Budget Office (CBO), government price controls codified under recently enacted reconciliation legislation have the potential to increase introductory prices for new drugs, as well as trigger fewer new drug approvals in the coming years…Other analyzes have projected even more catastrophic consequences, ranging from hundreds of thousands of national job losses to hundreds of billions of lost R&D dollars The innovation ecosystem that has made the United States the undisputed world leader in the life sciences, backed by thousands of startups and small businesses, could wither under this partisan legislation, especially in the absence of ‘prudent and deliberate implementation and assertive consumer-focused monitoring’, write the senators.
In addition to Senators Cramer and Crapo, the letter is signed by Senators John Cornyn (R-TX), John Thune (R-SD), Richard Burr (R-NC), Rob Portman (R-OH), Pat Toomey ( R-PA), Tim Scott (R-SC), James Lankford (R-OK), Steve Daines (R-MT), Todd Young (R-IN), John Barrasso (R-WY), Roger Marshall (R- KS), Thom Tillis (R-NC), Rick Scott (R-FL), Roger Wicker (R-MS), Rand Paul (R-KY), Marsha Blackburn (R-TN), Mitt Romney (R-UT) , Cindy Hyde-Smith (R-MS), John Boozman (R-AR), Dan Sullivan (R-AK), Mike Rounds (R-SD), Jim Inhofe (R-OK) and Shelley Moore Capito (R-WV) ).
Click on here to read the letter.