Dr. Michelle McMurry-Heath, President and CEO of the Biotechnology Innovation Organization (BIO), made the following statement: "Last week, Democratic leaders announced they had reached a drug pricing “deal.” We wanted to see the details before commenting. "We have long fought for legislation to help patients with their out-of-pocket costs. Policymakers said that was their intention as well – and said that would be reflected in this “deal.” However, after reading through the nearly 3,000-page bill it seems as if they have continued to insist on using a price control scheme reminiscent of HR-3, which was rejected for being too extreme. CBO explicitly stated that legislation would reduce the number of new drugs for patients. "The goal of the bill is to “build back better.” But for the scientists working in labs, this legislation makes building future drugs nearly impossible. This is one reason we ask that Congress take a deep breath and really understand what they are doing. "This “deal” has been rushed and highly politicized. It will adversely impact clinical decision-making and deter investment in some of our society’s greatest unmet medical needs. Congress can do much better. "When you dig into the legislative language, which was made available just yesterday, you quickly realize that in the race to solve a political problem, negotiators have adopted a risky and unintended approach that will hurt the very patients and seniors they are trying to help. Unintended Consequences "The centerpiece of the proposal -- “negotiation” -- is fundamentally government price fixing in disguise. "The policy will create billions of dollars in market distortions and unintended consequences. It will disrupt our innovation ecosystem and crowd out the next generation of new therapies that could transform the standard of care for patients and help bring down our nation’s long-term health care costs. It will have enormous implications in what research investments are made…