For Immediate Release:
Contact: Kelly Broadway, 202-808-8853
[email protected]
Washington, D.C. – The following statement is in response to the release of prices of the first 10 drugs subject to federal government price controls. It should be attributed to Joel White, President of the Council for Affordable Health Coverage:
“The Biden Administration’s celebration today is a hollow one. Despite promises to lower costs for Medicare beneficiaries, the law has produced sky high premium increases, increased cost sharing for drugs, reduced plan choices, and restricted access to drugs. Americans will not see any reduction in healthcare costs for years.
The only immediate impact we are experiencing from these forced “negotiations” is a drastic reduction in investments in new, life-saving cures for cancer, rare disease, and heart disease patients. This is not surprising. We have decades of experience in price controls on drugs in other countries and they always lead to the same outcomes- fewer treatments for patients and less access to care. The bottom line is the IRA isn’t delivering what the authors promised, and comes with so many downsides it ought to be repealed.”