PhRMA lashes out against Pelosi drug pricing bill

Oct 14, 2019

The CEO of the biggest pharma industry lobbying group has warned that Speaker Nancy Pelosi's bill to lower drug prices would have a “devastating” effect on the industry.

Pelosi’s measure, formally called H.R. 3, would allow the government to negotiate lower prices on up to 250 drugs per year and assess financial penalties to drugmakers who do not cooperate. Steve Ubl, CEO of the Pharmaceutical Research and Manufacturers of America (PhRMA), called the plan "radical" and said it would mean "lights out" for a lot of small biotech companies.

PhRMA also outlined four ways in which the Pelosi plan is the wrong approach for patients, including: Imposes price setting, not negotiation; Imports access-restricting policies; Drastically chills investment in R&D; Puts American jobs at risk.

Pelosi’s measure is expected to pass the House as soon as the end of October but faces tough odds in the Republican-controlled Senate.

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