There are five key points driving high drug prices in the US, including better access in the US and robust competition. As speculation builds regarding the implementation of reference pricing as a possible ameliorative measure, not all are onboard. Would reference pricing really lead to reduced innovation in the United States?
According to PhRMA’s Nicole Longo, “We can and should address patient affordability challenges, but proposals like foreign reference pricing would only make matters worse. America’s biopharmaceutical research industry is ready to do its part to advance solutions that lower costs for Americans, while also protecting access to the best treatments available and supporting biomedical innovation.” Read more here.
(Nicole Longo, The Catalyst, PhRMA, 3/22/21)