Trenton, August 15, 2024 ― The HealthCare Institute of New Jersey released the following statement concerning the Administration’s announcement of the next selected prescription medicines subject to government price setting:
“Government price controls are not the way to lower health care costs. These price controls run counter to America’s longstanding global leadership on innovation – be it new treatments and cures, space exploration, computers, nanotechnology or cutting-edge medical devices. While we all agree we want to reduce patient cost, price controls stifle advances. Polices that ensure manufacturer rebates are passed along to the patient must be enacted to lower drug costs.
The life sciences ecosystem has tackled some of the world’s most dreaded diseases – most recently, a vaccine against cervical cancer, a cure for hepatitis C, the first-ever treatment for Alzheimer’s, a vaccine against and treatments for COVID-19, and life-saving breakthroughs in HIV/AIDS, cancer and rare disease treatments. These breathtaking and life-saving advances would not have happened under a government price control setting. Under this new system, companies have already been forced to abandon research and shelve clinical trials.
HINJ reaffirms the life sciences’ commitment to the patient community to find new treatments and cures. We pledge to continue working with policymakers at all levels of government and stakeholders around the country to identify and implement sound public policy that lowers prices while preserving the innovation ecosystem necessary to advance global human health and save lives around the world.”