How Government Price-Setting Hurts Patients
Enacted in 2022, the Inflation Reduction Act (IRA) jeopardizes drug development and patient access to critical treatments, notably through its Medicare “price negotiation” provision, which is effectively government price-setting. Europe’s experience with similar policies led to a collapse in drug development and worse health outcomes including significantly higher cancer mortality rates. Consequently, numerous patient advocacy groups are opposing the implementation of government price-setting in the U.S.
Latest News
Medicare Drug Price Negotiation Program Guidance
ASBM supports policies which increase patient access to affordable, innovative medicines. We further believe that the perspectives of physicians and patients should be given particular weight during this process. Based on these principles, ASBM offers the following comments on CMS’ initial guidance for the Inflation Reduction Act’s Medicare Drug Price Negotiation Program.
The Inflation Reduction Act – Implications for Biopharma Companies and Patients
“ASBM fears that the downstream effects of broad government price setting will ultimately reduce consumers’ choice of plans and formularies in Part D—aspects considered to be hallmarks of the program.”
In the NEws
Resources
Learn more about IRA price controls and spread the word with these print and digital materials.
Emerging Value in Oncology
July 2023
How ongoing research expands the benefits of oncology medicines
Lilly Sidelined Three Drugs Due To IRA, CEO Ricks Says
Eli Lilly & Co. CEO David Ricks highlighted how Medicare drug price negotiation policies are already impacting R&D investment during a J.P. Morgan investor call.
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Media
KOL Conversation: The Impact of the IRA on Oncology Patient Care
Features an interview with Dr. Barbara L. McAneny, MD, FASCO, MACP Former President for the American Medical Association and the New Mexico Medical Society (NMMS); and currently CEO, New Mexico Cancer Center.
With Dr. Steve Potts CEO, Anticipate Bioscience
May 26, 2023