New Drug Pricing Bill from House Democrat Leadership Threatens to Short-Circuit California Biomedical Innovation

New Drug Pricing Bill from House Democrat Leadership Threatens to Short-Circuit California Biomedical Innovation
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Instead of importing foreign price controls and restricted access policies, Congress should work to lower out-of-pocket costs so that patients can afford the treatments they need and preserve incentives for innovation

California Life Sciences Association (CLSA), the trade association representing California’s life sciences sector, issued the following statement in response to House Speaker Nancy Pelosi’s drug pricing proposal unveiled today. This statement can be attributed to Mike Guerra, President & CEO, CLSA:

“California Life Sciences Association is deeply concerned about the major provisions of Speaker Pelosi’s proposal to import foreign price controls by tying U.S. list prices to those set abroad. This flawed proposal will unnecessarily jeopardize patient care by arbitrarily limiting access to necessary medications, and short-circuit life-saving innovation occurring in California’s world-leading biomedical sector. On behalf of California’s life sciences innovators, a sector with more than 3,600 firms employing over 958,000 people, CLSA will continue engaging with Congressional leadership and our bipartisan California Congressional Delegation to advocate for alternative solutions that will demonstrably lower out-of-pocket costs for America’s patients, while protecting access to needed medicines and preserving incentives for future investment in new therapies.”