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What is Wrong with Government Price Setting Policies Like in HR3?
Government price setting schemes may have different names and mechanisms, but each gives politicians control over our medicines and threaten access to treatments and cures. Americans deserve policies that ensure their access to the most effective treatments while also addressing high out-of-pocket costs, but government price setting isn’t one of them.
- Government price setting would impact vital investments the biopharmaceutical industry makes in the research ecosystem. Now, more than ever, we need to support America’s collaborative research effort, not unravel it.
- It effectively puts the power in politicians hands to arbitrarily decide that some patients and some diseases are worth more than others. We can’t let our medicines be subject to a political process and priorities driven by political expediency.
How Does Government Price Setting Policies Like in HR3 Harm Patients?
HR3 relies on international reference pricing, which is a form of government price setting whereby government bureaucrats would determine the value of our medicines based on how foreign governments and politicians value these treatments and cures. By outsourcing decision making about the value of our medicines, international reference pricing would create risks for American patients. In the end, HR3 could create:
- Long delays and reduced access to lifesaving medicines
- Fewer new treatments and cures in the future
- Weaker U.S. leadership in biopharmaceutical innovation
- Significant job reductions for the industry and its supply chain
Are there Better Ways?
There are better solutions to help patients save money that would not upend the health care system and jeopardize American biopharmaceutical innovation. Our goal should be to lower out-of-pocket costs and improve access for patients rather than greater government control. Contact your member of Congress now and tell them to oppose government price setting.
