Secretary Becerra and the Department of Health and Human Services (HHS) have started the process of imposing government price controls on critical medical treatments. While this price control regime was authorized by the recently enacted Inflation Reduction Act, it will have devastating consequences for patients who are counting on new life-saving drugs.
- Already one company has dropped a blood cancer drug from its research and development pipeline because they “couldn’t make the math work.” Eli Lilly CEO Dave Ricks said, “In light of the Inflation Reduction Act, this program no longer met the threshold for continued investment.”
- Alnylam ceased their research and development into a new treatment for a rare eye disease due to the need “to evaluate the impact of the Inflation Reduction Act.”
- Similarly, Novartis warned that the IRA could discourage investment in its most promising areas of research and development: RNA and radioligands.
And it is likely to get worse. The U.S. Chamber Patient Access Report demonstrates that patients in countries that impose price controls have less access to new treatments.
- Before the IRA introduced price controls, the United States had launched 80% of the 104 new oncology products released globally, compared to Europe’s 58%.
- Meanwhile, in other developed countries with price controls in place, patients faced long wait times to access new treatments. For instance, in Germany, patients waited an average of 133 days, while in Spain, some had to wait up to 500 days.
Unless we act, this is going to happen to us.
How can I help? Urge your member of Congress to protect American patients and stop this price control regime.