|WASHINGTON, DC — Last week, PhRMA published an industry-funded “report” claiming that H.R. 3 would “devastate” and “decimate” new drug development. This brand of fear mongering underscores how the drug lobby uses its nearly half billion dollar annual budget to spread scare tactics and lies. So before you buy the drug lobby’s propaganda, here’s what experts are saying:
- Memorial Sloan Kettering’s Dr. Peter Bach: H.R. 3 “would barely slow new drug discovery at all.”
- Harvard economist Richard Frank: “Drug companies exaggerate — controlling drug prices won’t threaten innovation.”
- Rutgers Professor Michael Carrier and Law Librarian Genevieve Tung: “Big Pharma has cried Innovation Wolf every time Congress seeks to address its shenanigans…That has to stop. It is past time for the industry to be called to account on using its get-out-of-jail-free innovation card to avoid reasonable legislation.”
- West Health and researchers at Johns Hopkins: “Large, brand-name drug manufacturers would still be the most profitable industry sector even with $1 trillion in lower sales [under H.R. 3], all while maintaining current research investments.”
- CBO: The bill would “lead to a reduction of approximately 8 to 15 new drugs coming to market over the next 10 years. (The Food and Drug Administration approves, on average, about 30 new drugs annually, suggesting that about 300 drugs might be approved over the next 10 years.)”
- Bloomberg: “Two-year campaign opposing cost-saving plans featured secret payments, [and] a widely criticized consultant’s report.”
- GAO: Fewer than 1 in 5 new drugs are truly innovative.
No matter the proposal to lower list prices for prescription drugs, PhRMA always says it will kill innovation. Here’s what Secretary of HHS says in response:
“I’ve been a drug company executive — I know the tired talking points: the idea that if one penny disappears from pharma profit margins, American innovation will grind to a halt. I’m not interested in hearing those talking points anymore.”
PhRMA works in the interests of its multinational corporation members, more than half of which are based in foreign countries. PhRMA does not seek what is best for Americans, but what is best for the profits of its corporate members. It’s no wonder why Big Pharma is the most poorly regarded industry in America.