Placeholder Banner

Senate Finance Drug Pricing Proposal Misses the Mark

“While we’re pleased that the Senate Finance Committee proposal caps what beneficiaries have to pay out of pocket for medicines under Medicare Part D, it adopts a framework that punishes some of the most innovative biotech cures and transformative therapies." 

July 23, 2019
Media Contact
Brian Newell
202.312.9268

Washington, DC (July 23, 2019) – Following the release of the Senate Finance Committee’s drug pricing proposal, Tom DiLenge, the Biotechnology Innovation Organization’s President of Advocacy, Law & Public Policy Division issued the following statement:

“While we’re pleased that the Senate Finance Committee proposal caps what beneficiaries have to pay out of pocket for medicines under Medicare Part D, it adopts a framework that punishes some of the most innovative biotech cures and transformative therapies. 

“The proposal does almost nothing to hold insurance companies and middlemen accountable for shifting more of the cost burden onto patients. Instead of eliminating distortions within the drug pricing system, this proposal could create and exacerbate perverse incentives that disadvantage patients and taxpayers. It also doesn’t require insurers to pass the massive rebates they receive from drug companies through to patients to lower their out-of-pocket costs, or allow patients to pay their costs over time to enhance access and improve health outcomes.

“We’ve said all along that we’re willing to be a part of a solution that improves Medicare for vulnerable patients and enhances its sustainability, but the Senate proposal falls short. As the legislative process unfolds, we will work with lawmakers on both sides of the aisle to encourage a more holistic and balanced approach. That’s the only way to ensure our biotech companies can continue delivering innovative treatments and that those treatments are available to all patients with out-of-pocket costs that are affordable.”

###

Discover More
The Biotechnology Innovation Organization (BIO) is pleased to announce the election of its new Executive Committee members for the 2020-2021 term. Additionally, eight new board directors and four new section governing board chairs and vice chairs…
Following the announcement that Dr. Moncef Slaoui will lead the Trump Administration's "Operation Warp Speed" initiative, BIO’s President and CEO, Jim Greenwood, issued the following statement:  “Dr. Moncef Slaoui is an excellent choice…
The Biotechnology Innovation Organization (BIO) today unveiled a first-of-its-kind, interactive tracker of the new treatments and vaccines in the COVID-19 pipeline. This online resource illustrates the unprecedented campaign being undertaken by…