Price Controls in Reconciliation Package A "Disservice to Millions of American Patients"

As Senate lawmakers look to finalize a budget reconciliation package this weekend, Dr. Michelle McMurry-Heath, president and CEO of the Biotechnology Innovation Organization (BIO), released the following statement related to price controls within the bill:

"Mere hours after the White House declared Monkeypox a public health emergency, lawmakers in the Senate are on the precipice of passing a bill that would drain vital resources from the scientists and researchers working to develop the vaccines and therapies needed to address the world’s medical challenges. The legislative package under consideration would be a significant blow to America’s innovation ecosystem.

"Let’s be clear about what’s at stake for patients.

"This bill is a direct blow to both current and future patients waiting on cures and novel treatments for rare and hard-to-treat diseases. According to a new study, passage of the bill in its current state means billions of dollars in lost investment for future R&D.

"This bill creates billions of dollars in market distortions that will slow critical investments in future research and development, stall drug innovation, and ensure the next generation of groundbreaking therapies remains out of reach for American patients.

"On top of destroying hope for vulnerable patients, it would be a death knell for hundreds of thousands of U.S. biotech jobs.

"For many years BIO has advocated to cap the amount patients pay at the drug stores and at least this bill took our suggestion and included an out-of-pocket cap. Unfortunately, this will be cold comfort for those Medicare patients as the bill does nothing to address the middlemen within the drug supply chain responsible for inflating drug prices.

 "The anti-science price controls in the reconciliation are far from simply misguided policy; they’re downright reckless – and a disservice to millions of American patients."