The biopharmaceutical industry is on the frontlines of developing treatments and vaccines not just for COVID-19, but for thousands of other debilitating and life-threatening conditions. Our industry provides value and hope, improving the quality of life for millions of patients every day. Unfortunately, some members of Congress are taking our industry’s contributions for granted and are considering a bill, known as HR3, that would allow the federal government to set prices of prescription medicines, arbitrarily determining their value.
Some members of Congress are targeting the biopharmaceutical industry as part of the larger budget reconciliation bill. They are considering significant changes to Medicare and the commercial market that will have a significant negative impact on the industry and the patients we serve. These are harmful and dated Medicare proposals that threaten biopharmaceutical and vaccine manufacturers and undermine the programs that provide critical access to medicines for millions of Americans.
Medicare Part B covers physician-administered treatments for chronic conditions such as cancer, lupus, rheumatoid arthritis, and other serious illnesses. By focusing solely on Medicare Part B, the EO could substantially affect access to current and future innovative medicines for these conditions.