Advances in today’s new era of medicine have delivered incredible progress in our ability to treat, and in some cases cure, some of the most widespread and costly conditions, ranging from cancer to neurological diseases. Due to progress in biopharmaceutical researchers’ understanding and use of genetic sequencing, real-world data and computational science, America’s biopharmaceutical companies are now, more than ever before, prepared to respond to the tremendous unmet medical needs experienced by patients throughout the United States.
A 2018 report found there were more than 1,100 medicines in development for various cancers, and in 2017, the U.S. Food and Drug Administration (FDA) approved a type of treatment that allows researchers to re-engineer a patient’s white blood cells and turn them into a uniquely-personalized therapy to target cancer. In the same year, the first cure for an inherited genetic disorder that causes blindness was also approved
While breakthroughs should be celebrated, the very innovation we’ve come to appreciate is under threat. Today, Washington is considering a set of misguided policies that could reduce incentives to invest in cutting-edge research. These proposals include:
- Setting prices for innovative medicines seniors receive in the hospital or doctor’s office based on the pricing policies of 14 foreign governments, where patients have access to far fewer medicines and have to wait two years, on average, to access them. If adopted, seniors could have less choice and face similar restrictions here in the United States.
- Letting the government “negotiate” medicine prices by giving the government unprecedented authority to set prices for medicine in both public and private markets based on the average price in six countries and forcing companies to pay a massive excise tax if they don’t comply with the government-set price.
- Importing medicines from foreign countries, which would lead to pharmacies stockpiling potentially unsafe, counterfeit medicines from China and other countries that are not FDA approved or U.S. inspected. Americans have the right to know the medicine on the pharmacy shelf is safe and effective.
A recent survey conducted by the law firm of Manatt, Phelps & Phillips, LLP reveals that 70 percent of America’s biopharmaceutical companies would likely have to make significant cuts to cancer treatment research and development (R&D) if certain Medicare Part B proposals go forward. Half of responding companies reported that 20 percent or more of their current projects could be reduced or terminated.