H.R. 3 To Handicap Future Medical Innovation, Destroy Hope for Vulnerable Patients

Following the re-introduction of the H.R. 3 drug pricing legislation, Rich Masters -- Chief Public Affairs and Advocacy Officer of  the Biotechnology Innovation Organization (BIO) -- made the following remarks:

"On behalf of BIO’s nearly 1,000 members, I am deeply concerned with this new attempt to push dangerous reference pricing proposals on American patients, workers, and scientists.

“More than a year into this deadly pandemic, we’ve seen firsthand the importance of empowering our nation’s researchers to find the scientific solutions we need to keep humanity safe and healthy.

“Unfortunately, this proposal, as a de-facto price control measure, would handicap future medical innovation – including for future pandemics – and destroy hope for millions of patients living with diseases for which no cures or viable treatments currently exist.

“As a recent study made clear, patients would have had access to significantly fewer new medicines to treat rare diseases and cancer, as two examples, had reference pricing proposals been enacted over the last decade. Moreover, the proposal would have triggered hundreds of thousands of job losses across the country.

“BIO has been – and remains – committed to working with lawmakers on patient-centered reforms that boost access to lifesaving medicines and treatments without compromising the next generation of lifesaving cures.”