Any Drug Pricing Compromise Must Lower Costs and Preserve Access to Innovative Therapies. Congress Can, and Should, Do Both. Well, yes, and that is precisely what the plan is. The following statement is, as far as I can tell, completely bogus. This is not a market that analysts can predict, say I, a veteran of 17 years in global high-tech market analysis.
“We have serious concerns about any proposals that would enable the federal government to arbitrarily set prices, and the Congressional Budget Office (CBO) has also said that this will have a devastating impact on innovation. CBO estimates that under previous versions of price setting, “approximately 8 fewer drugs would be introduced to the U.S. market over the 2020-2029 period, and about 30 fewer drugs over the subsequent decade.” Other estimates show significantly larger reductions in the introduction of new drugs and assert that proposals like H.R. 3 would lead to a 29 to 60 percent reduction in research and development from 2021 to 2039 which translates into 167 to 342 fewer new drug approvals during that period.
Stick with the plan to do the best for everyone.