In response to Democratic presidential hopeful Hillary Clinton's proposal to regulate prescription-drug prices, Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO John Castellani issued a statement this week to explain why the changes would do more harm than good.
“Researchers and scientists across the biopharmaceutical industry have dedicated their lives to the search for new treatments and cures for patients. They do this against seemingly insurmountable odds, knowing that despite years of work on potential medicines, nine out of 10 will fail during clinical trials, and the process will start over. This persistence and dedication to patients has resulted in tremendous advances against some of life’s biggest enemies, including cancer, hepatitis C, heart disease and other terrible diseases.
“Secretary Clinton’s proposal would turn back the clock on medical innovation and halt progress against the diseases that patients fear most. These sweeping and far-reaching proposals would restrict patients’ access to medicines, result in fewer new treatments for patients, cost countless jobs across the country and erode our nation’s standing as the world leader in biomedical innovation.
“These proposals are driven by the false notion that spending on medicines is fueling overall health care cost growth and ignores how the current marketplace for medicines helps keep spending in check. In reality, the share of health care spending attributable to medicines is projected to continue to grow in line with overall health care cost growth for at least the next decade.”
