New legislation would spread the disease of price controls to more treatments and cures

Incubate Coalition executive director John Stanford issued the following statement in response to the introduction of the Lowering Drug Costs for American Families Act:

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07.26.2023

WASHINGTON (July 26) — Today, Incubate Coalition executive director John Stanford issued the following statement in response to the introduction of the Lowering Drug Costs for American Families Act:

“The price controls in last year’s Inflation Reduction Act haven’t even taken effect yet, but they’ve already curtailed investment in biopharmaceutical research and development. By greatly expanding those price controls, this new proposal threatens to cripple America’s life-sciences industry.

“It’s no coincidence that more than six in 10 new medicines are developed in the United States. America leads the world in drug development because the U.S. policy environment, for decades, has rewarded those who are willing to take big risks. Price controls reduce those potential rewards, and will inevitably reduce the number of new medicines coming to market. 

“We need more investment in the next generation of innovative medicines, not less. This proposal, if enacted, would reverse decades of scientific progress and deprive patients of lifesaving treatments for America’s deadliest ailments.

“Incubate stands ready to fix the flaws in the IRA, like the small molecule penalty. Unfortunately, the Lowering Drug Costs for American Families Act fails to address those flaws.”