Trenton, February 8, 2024 ― Dean J. Paranicas, President and Chief Executive Officer of the HealthCare Institute of New Jersey, released the following statement concerning the Senate HELP Committee’s hearing on lowering health care costs:
“As the ‘medicine chest of the world,’ we are enormously proud that New Jersey is home to so many of the world’s most innovative life sciences companies – companies that work diligently every day to discover new treatments and cures for some of humanity’s most dreaded diseases. This effort is both tremendously risky and incredibly expensive – but it has proven highly successful in saving lives by finding new ways to combat cervical cancer, hepatitis C, COVID-19, rare diseases, arthritis and so many other debilitating and fatal conditions.
The price controls imposed by other countries unfairly place the burden of funding the research for the next generation of cures – for HIV, Alzheimer’s, muscular dystrophy, diabetes, cystic fibrosis – on American patients. While HINJ and our member companies remain committed to lowering health care costs and expanding patient access, this must be done in ways that preserve the innovation ecosystem that drives new, cutting-edge ways to treat and cure patients and save lives.
Today’s Senate HELP Committee hearing focuses on three prominent New Jersey companies that continue to advance global human health. We encourage the HELP Committee to work with these innovative, life-saving companies and their peers in New Jersey’s life sciences community on policies that lower costs without jeopardizing patients awaiting new breakthroughs – such as requiring pharmacy benefit managers (PBMs) to pass on the hundreds of billions of dollars in rebates that pharmaceutical companies offer each year, which end up pocketed by the PBMs instead of being offered to the patients for which they are intended.
We will continue working with all stakeholders – from New Jersey and throughout the Congress – on ways in which we can lower health care costs while continuing our noble mission of curing diseases and saving lives.”