Developing new drugs requires significant investment and carries significant financial risk. It can take 10-15 years to develop a single drug and require over $2 billion in investment. Meanwhile, 9 out of every 10 drugs that make it to clinical trials are never approved by the FDA. Unfortunately, recent efforts to impose government-mandated price controls on prescription drug prices threaten the development of new treatments and jeopardize investment in this sector. Some state and federal policymakers are proposing to take policies even further in the wrong direction. According to one estimate, expanding existing price controls could lead to 200+ fewer FDA approvals of new medicines over the next decade and threaten up to 1.1 million jobs.

The effects of these policies are already being felt. Now is not the time to double down on policies that are already reducing investments in cures and treatments. Instead, we support efforts to protect U.S. leadership in the world. This can include expanding R&D tax credits to apply to broader medical treatments to foster innovation for future medicines and treatments.

Further, we advocate for additional funding for the National Institutes of Health and other research facilities to expand critical future medical discoveries.