John F. Crowley, President and CEO of the Biotechnology Innovation Organization (BIO), released the following statement regarding today’s Executive Order on most favored nation:

“Most favored nation is a deeply flawed proposal that would devastate our nation’s small- and mid-size biotech companies – the very companies that are the leading drivers of medical innovation in the United States and the cornerstone of America’s biotechnology leadership.

“Importing socialized medicine will not make Americans healthier or our economy stronger. It will only serve to empower China and our other adversaries and undermine our economic and national security. Applying other countries’ antiquated approach to how they value – and pay – for medicines will stall investment across America’s biotech companies, risk access to vital treatments and cures for millions of American patients, and lead to fewer American jobs. 

“Patients and families are not a bargaining chip in a trade war, but that’s exactly how they are being treated – first through proposed tariffs on our nation’s medicines, now with foreign reference pricing in the name of fairness. 

"Researchers that spend years developing cures and breakthrough treatments are being penalized and the US is falling behind in the 21st century biotech race. Meanwhile, US medication prices prop up middlemen that prevent cost savings from being passed on to patients. The solution is investments that ensure the U.S. continues to lead the world in medical innovation, and policies that simplify the system."