WASHINGTON, D.C. – U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley released the following statement today in response to the Senate Finance Committee’s proposed legislative package on drug pricing.
“While we share in the desire to take steps to reduce healthcare costs, including the costs of prescription drugs, the proposal introduced today by Chairman Grassley and Ranking Member Wyden goes well beyond reform and instead proposes to use the power of government to impose price controls. The approach taken in this legislative package, including through the imposition of inflation caps and restrictions on how private companies negotiate contracts, will have large and perverse consequences, for example incenting companies to increase the initial price of new treatments and reducing funding available for research into new cures for diseases ranging from Alzheimer’s to cancer. Greater competition, a focus on outcome based reimbursement, and improved program design offer the best opportunity to reduce patient costs while still maintaining access to life-saving and life-changing therapies. We urge members of the Senate Finance Committee to focus on a patient-centered approach and reject Washington-knows-best, command-and-control price controls.