September 23, 2015.
Hillary Clinton's proposals to regulate prescription drug pricing "would turn back the clock on medical innovation and halt progress against the diseases that patients fear most", said Pharmaceutical Research and Manufacturers of America (PhRMA) president and CEO John J. Castellani yesterday.
Senator Clinton revealed her plan to lower prescription drug prices at a community forum in New Hampshire, Iowa, on Tuesday. The plan would prevent drug companies from spending government grants on advertising and allow Medicare to negotiate down prescription drug costs. Clinton said that the proposals will oblige drug companies who want to keep getting federal support "to redirect more of their profits into meaningful investments in research and development."
However, PhRMA responded yesterday that Clinton's proposed spending caps "would erode the U.S. leadership in biomedical innovation, spur loss of high-tech STEM jobs … undermine U.S. competitiveness" and, not least, "halt medical innovation and chill R&D investment by reducing data protection for biologics".
John J. Castellani added that the proposals "are driven by the false notion that spending on medicines is fueling overall health care cost growth and ignore how the current marketplace for medicines helps keep spending in check."