Replies to post #221635 on Biotech Values

[DewDiligence]

BIO, PhRMA respond—negatively—to Medicare-Part-B proposal:

https://www.biocentury.com/bc-extra/politics-policy/2018-10-25/trump-administration-peg-part-b-payments-international-pricing

BIO President and CEO Jim Greenwood said in a statement, “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.”

Greenwood said BIO “urged” the Trump administration to work with the trade group on market-based reforms to 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.”

In a statement, PhRMA President and CEO Stephen Ubl said the U.S.'s competitive marketplace "provides patients with access to innovative medicines far earlier than in countries with price controls, and it’s why we lead the world in drug discovery and development." Because of both the proposed price controls and the limits on provider reimbursement, the changes would jeopardize access to drugs for Medicare patients, he added.