Industry leaders discuss the impact of the drug pricing debate

This month, PhRMA hosted a media briefing with leaders within the biopharmaceutical industry to discuss the dangers of current proposals on government price setting, while also sharing alternative solutions that would lower patients’ out-of-pocket costs while protecting access to medicines and the discovery of future cures and treatments. Speakers included:

• Ken Frazier, Executive Chairman, Merck 
• Dave Ricks, Chairman and CEO, Eli Lilly and Company
• Ramona Sequeira, President, US Business Unit and Global Portfolio Commercialization, Takeda Pharmaceutical Company Limited
• Steve Ubl, President and CEO, PhRMA

The discussion reinforced that current drug pricing proposals would be detrimental to patients, future biopharmaceutical innovation, and the economy. In case you missed it, here are a few key highlights:

Negotiation is a “smoke screen” 

“The new negotiation that Congress is currently calling for in HR 3 and other vehicles is really a smokescreen. It's a smokescreen for implementing new government price controls.” – Dave Ricks 

Government price setting a “dangerous idea”

“We cannot and will not support the very dangerous idea of allowing the government to simply set prices. That is not negotiation. It is not good for the future health of the American people or the economy of this country.” – Ken Frazier 

We want to help reform the system

“We see every day that patients can face huge challenges throughout their journey from diagnosis and access to affordability, and this compounded by a great deal of systemic complexity. We want to be part of the process to reform the existing model.” – Ramona Sequeira

The best outcomes for patients

“If you look at other parts of the health care system that feature marketplace negotiation and competition where patients can decide what hospital to go to, what physician to go and which health plan best serves their needs – that’s the type of ecosystem that produces the best outcomes for patients.”– Steve Ubl

And you can watch the entire discussion here.

Learn more about how we can lower patient costs and protect access to medicines at www.phrma.org/betterway.