PhRMA CEO Stephen Ubl slammed the Trump administration’s latest proposal to combat high drug prices, calling it the importation of “foreign price controls,” PMLiVE reports.
The plan, which was unveiled last week, would look to bring the price of drugs covered under Medicare Part B down in line with other developed countries.
A Health and Human Services report found that the U.S. pays roughly 80 percent more for treatments than a set of 16 other countries. The proposal would look to pull back that number to about 26 percent, saving some $17.4 billion.
BIO CEO James Greenwood says the initiative would worsen the current situation, adding that it would discourage research and development investments and punish the “very small number of innovative medicines that make it to market.”
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