WASHINGTON — Nearly 150 CEOs of emerging biotech companies are sending a unified, stark message to Capitol Hill: Abandon the Democrats’ signature drug pricing policy.
In a new letter, signed by buzzy biotech startups like Global Blood Therapeutics and Alnylam Pharmaceuticals, the executives lob a blistering critique of the signature drug pricing bill unveiled this fall by House Speaker Nancy Pelosi. The legislation would allow Medicare to negotiate the price of certain high cost drugs and wage huge fines for companies that don’t comply.
“This extreme proposal will upend the ecosystem of U.S. biomedical innovation, destroying our ability to attract private investment dollars that allow us to develop new treatments and change the course of healthcare delivery for so many patients,” the letter states.
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The only way to lower drug prices without slashing innovation is to get rid of the excess regulation that increases the cost of getting FDA approval without adding any safety. See, for example, https://www.statnews.com/2018/10/01/changing-1962-law-slash-drug-prices/.