Biopharma’s Innovation Defense Is Crumbling
The debate over price 'negotiation' in the US has taken a turn for the worse for innovator pharma companies. The Democratic party seems eager to plow forward no matter what the impact is on innovation – and some patient advocates are surprisingly eager to cheer them along.
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There won’t be a lot of legislative action in Congress in the weeks following passage of the $1.9tn American Rescue Plan. But the coming months are a critical time for the drug industry to try to set the terms for how it is treated in the next major bill later this year, and the stakes could not be higher.
White House Council of Economic Advisors says US House drug price “negotiation” bill will reduce the number of innovative medicines by 100 over a decade; the Congressional Budget Office says more like 8-15. Both analyses miss the point – but also show that industry is losing a crucial piece of political ground.
In interview with the Pink Sheet, Jim Greenwood also worries about President Trump promoting drug pricing policies that could hinder innovation.