We Work For Health Executive Director Dan Leonard issued the following statement in response to the administration’s announcement today regarding the results of the first prescription drugs in Medicare selected for price setting under the Inflation Reduction Act (IRA):
“Today’s announcement is another troubling chapter in the government’s misguided and flawed efforts to advance the Inflation Reduction Act, despite its serious consequences for biopharmaceutical innovation, American jobs and patients in need of medical breakthroughs. Research has consistently shown that imposing prescription drug price setting will stifle the innovation that has made the U.S. the global leader in health care innovation, endangering the life-saving discoveries millions of Americans rely on. What’s more, the IRA is also leading to higher premiums for seniors, meaning patients who depend on Medicare aren’t receiving any form of benefit, even in the short-term, as the enormous sacrifices compound.
“For years, the United States has been at the forefront of medical innovation, with scientists and researchers discovering innovative treatments and therapies to give patients incredible new hope. Unfortunately, that leadership is now in jeopardy as policymakers strip away the infrastructure that has allowed American innovation to shine throughout the world.
“It is difficult to understand what is at stake, because it is future discoveries that we cannot even dream at the moment. Without the ecosystem to encourage and enable that innovation, new medicines may never come to be. As price setting expands to more medicines, the science and development of treatments that could save millions of lives are at risk of never reaching the patients who need them most. Moreover, this flawed policy threatens substantial job losses in the biopharmaceutical sector, one of the nation’s most essential and vibrant industries.
“Looking ahead, We Work For Health urges policymakers to reconsider this approach and pursue solutions that protect innovation, sustain economic growth and, most importantly, ensure American patients have access to the cutting-edge treatments they deserve. We must prioritize policies that encourage investment in new research, safeguard high-quality healthcare, truly deliver on patient savings and maintain America’s position as the global leader in medical advances.”
To learn more, check out We Work For Health’s resources related to the Inflation Reduction Act:
- One-pager: Myths vs. Facts: Inflation Reduction Act
- One-pager: Industry Leaders Discuss Inflation Reduction Act Consequences
- One-pager: IRA Pill Penalty Provisions Will Have a Chilling Effect on the Prescription Drug Ecosystem
- Blog: New Research Shows Alarming Drop in Neurology Innovation Due To IRA’s Small Molecule ‘Pill Penalty’
- Video: The Impact of Proposed Government Mandated Drug Pricing Policies
- Report: The Impact of IRA Policy Expansion Proposals on the US Biopharma Ecosystem
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