Statement by Healthcare Leadership Council President Mary R. Grealy On House Introduction of Drug Pricing Legislation
The drug pricing legislation being introduced in the U.S. House of Representatives, HR 3, is a sledgehammer approach to achieving greater prescription drug affordability and it threatens to do severe damage to a system that has just developed COVID-19 vaccines in record time and that continues to produce breakthrough treatments for patients facing serious illnesses.
The premise of this legislation is that out-of-control price escalation exists that can only be addressed through heavy-handed government regulation and imposing the dangerous precedent of importing the price control policies of foreign governments. In fact, though, Medicare Part D average premium levels have stayed stable for years because of the private sector price negotiations that are containing costs, and medication costs in Medicare Part B have remained at or below the overall healthcare inflation rate. This legislation is a radical solution in search of a commensurate problem.
There are discussions that need to be had and policies that need to be enacted to address consumer out-of-pocket costs and to compel other countries to pay their fair share for biopharmaceutical innovation. This House legislation, on the other hand, will only punish patients and consumers, with the Congressional Budget Office projecting it will significantly reduce the number of innovative medicines being developed to extend and improve lives. This measure should be rejected and not stand in the way of debate on real, patient-centered solutions.
For Immediate Release
April 22, 2021
Contact: Kelly Fernandez 202-449-3452