[Ip-health] BIO Statement on the Administration’s Drug Pricing Proposal

James Love james.love at keionline.org
Fri Oct 26 04:52:37 PDT 2018


The S&P pharmaceuticals index XPH was up 1.4 percent yesterday.

Here is the BIO statement on the Azar/Trump proposal.

Jamie

https://www.bio.org/press-release/bio-statement-administration%E2%80%99s-drug-pricing-proposal

BIO Statement on the Administration’s Drug Pricing Proposal

Biotechnology Innovation Organization (BIO) President & CEO James C.
Greenwood issued the following statement after the Trump administration
outlined proposed changes to the Medicare Part B program.

BIO Statement on the Administration’s
Drug Pricing Proposal

Biotechnology Innovation Organization (BIO) President & CEO James C.
Greenwood today issued the following statement after the Trump
administration outlined proposed changes to the Medicare Part B program:

“Adopting foreign price controls on American innovation puts America’s
patients last and diminishes their hope for a better future. Contrary to
the president’s repeated promises to end ‘foreign free-loading,’ this
proposal embraces it and exacerbates its harmful effects. By adopting
foreign price controls on the very small number of innovative medicines
that make it to market, this proposal will severely chill investment in new
cures and therapies for America’s seniors.

“To make matters worse, the proposal continues a troubling trend towards
undermining the Medicare Part B drug program. This program supports the
sickest, most vulnerable Medicare patients and accounts for only a small
fraction of all Medicare spending.  BIO will strongly oppose short-sighted
and harmful changes to a program that is so vital to the health and
well-being of our seniors.

“Developing new medical treatments for seniors suffering from devastating
diseases, such as cancer, Alzheimer’s and rheumatoid arthritis, is one of
the hardest, riskiest, and costliest endeavors undertaken by America’s
biomedical innovators. That is why BIO has repeatedly urged the
administration to work with us on market-based reforms that will promote
competition and lower drug costs, without harming our nation’s innovative
ecosystem that leads the world in discovering new cures and treatments. It
is deeply unfortunate the Trump administration has proposed pursuing a
radically different approach.”

Note: Prescription drug spending under the Medicare Part B program accounts
for less than 4 percent of all Medicare spending, according to the MedPAC
June 2016 Data Book.

For more information on Medicare Part B:

https://www.bio.org/toolkit/issue-briefs/medicare-part-b
http://www.biotech-now.org/health/2018/05/on-the-presidents-drug-cost-plan-three-important-concerns-2

-- 
James Love.  Knowledge Ecology International
http://www.keionline.org <http://www.keionline.org/donate.html>
twitter.com/jamie_love


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