The Illinois Biotechnology Innovation Organization, iBIO, opposes the Trump Administration’s decision to move forward with the flawed concept of a “Most Favored Nation” policy that will dramatically affect most vulnerable seniors and patient communities and chill investment and research at a time when our industry is working around the clock fight COVID-19 and continue to provide patients access to innovative new therapies during a pandemic.
A recent analysis shows that the absence of price controls in the U.S. leads to more and newer medicines available sooner to Americans, of the 74 cancer drugs launched between 2011-2018, 95% are available in the United States, compared with 74% in the UK, 49% in Japan, and 8% in Greece.
And it will stifle investment in new cures. The administration’s own economic advisors analyzing similar proposals found that foreign price controls would result in American patients missing out on as many as 100 new drugs over the next decade.
Scientist, researchers and doctors at iBIO member companies are working around the clock fight COVID-19 and continue to provide patients access to innovative new therapies, using foreign price controls will make it harder for our member companies to bring these very few number of innovative medicines to market and can chill investment into new cures and therapies.
On behalf of the nearly 88,000 life sciences employees in Illinois, iBIO will work with our sister organizations to support policy solutions that protect innovation while addressing the price patients pay at the pharmacy counter.
President & CEO
Illinois Biotechnology Innovation Organization, iBIO