Co-sponsored by U.S. Chamber of Commerce
America is the world leader in medical innovation, producing medicines that improve and extend the lives of millions of patients at home and abroad. The biotech industry is also one of the U.S.’s economic crown jewels, generating hundreds of thousands of high-paying jobs and billions of dollars in high-value exports.
Populist solutions to high drug prices, such as price controls and drug importation, will discourage investment in the costly, time-consuming research and development of vital new treatments and cures. Rather than focus on drug prices in a silo, policymakers should explore solutions that ensure that Americans have access to affordable prescription drugs without discouraging innovation.
Solutions include policies that protect U.S. intellectual property overseas, so that other countries contribute to global R&D burdens; tax policies that encourage U.S.-based investment and manufacturing; and regulatory reforms that spur competition, encouraging providers and insurers to seek out technologies that deliver better outcomes for patients. Please join MI and the U.S. Chamber of Commerce for a discussion on the drug-pricing challenge.