Investing in Medicine:For the Health of Your Family and Our Economy
Investment is essential to developing the high-quality medicines that keep Americans healthy and safe. With government drug price setting, we risk disincentivizing investment in new discoveries. Worse yet, price setting wouldn’t do enough to address the unaffordability of health care. We need to address out of pocket costs – not stifle research and development.
FIND YOUR MEMBER OF CONGRESS!
Tell them to protect investments in new medicine – don’t support price setting.
Investors and venture capital firms invest in new and developing medicines that spur biotech companies to create the highest quality drugs in the world. It is not just an investment in companies, it’s an investment in our economy, and the future of health care.
These private investors work hand in hand with government agencies – who could not afford to complete the full cycle of drug development on their own – to move us forward. The Institute of Medicine Forum on Drug Discovery, Development, and Translation called public-private partnerships “critical in the transition from proof of concept to clinical development.”
Without venture capital, the biotech industry wouldn’t exist. That’s really black and white.
STAT News, October 11, 2019
But here’s the thing: Some members of Congress want to enact drug price setting. This would have a detrimental effect on our quality of care. Without assurance they can recoup their losses or take financial risks, drug manufacturers would not be able to pursue new medicines and life-saving discoveries like they do today.
When only 1 in 25 drug candidates makes it from preclinical studies through to FDA approval, no one is going to put money on the 25-to-1 longshot if the house can announce after the race is over that the actual payout will be 5-to-1.
STAT News, September 23, 2019
Price setting might sound good on its face. We clearly need to lower the cost of health care in America, with out of pocket costs rising more than 53 percent between 2006 and 2016. It’s time to get smart about the best path forward, which means we can’t support proposals that stifle innovation and threaten our access to high-quality medicines.
Support for price negotiation dropped from 86 percent to just 31 percent if government price negotiations could hurt research and development. Support dropped just as sharply when presented with the argument that it could lead to Medicare not covering some prescription drugs.
CNBC. March 6, 2019
The unaffordability of health care is complicated. It’s been driving up drug pricing, yes, but also surprise medical bills, high insurance premiums, doctor visit copays, pharmacy benefit manager markups, and the list goes on. Price setting is not only harmful to investment; it doesn’t address the whole problem of costs.