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NEW REPORT: Price Controls Hurt Innovation
Thank you to CO–U.S. Chamber of Commerce – U.S. Chamber Action for providing the content on NEW REPORT: Price Controls Hurt Innovation.
Data shows that price controls included in the Inflation Reduction Act will harm life science innovation and could lead to fewer new products and medicines developed and introduced in the United States.
Why it matters: For decades, the U.S. has led the world in developing and accessing innovative medicines. But today, that leadership is at risk. The U.S. Chamber’s new Patient Access Report shows how imposing artificial price controls and similar policies deters future innovation.Key takeaways: Countries that use price controls see:
• Fewer overall biopharmaceutical product launches• Fewer oncology products• Delayed access to treatments
Our take: The U.S. Chamber urges government officials to consider the implications of price controls on patients before implementing a framework that jeopardizes U.S. leadership on biopharmaceutical innovation and access to new, life-saving treatments.
Patient Access Report
According to a new U.S. Chamber study, access to medical innovation thrives in countries with smart public policies and free market competition.
Countries with the right public policy frameworks in place can create an ecosystem where innovation can thrive.
Free market frameworks, underpinned by effective intellectual property protection, have fostered life sciences innovation in key global markets. For that innovation to continue, countries must continue to allow marketplace competition to support the development of lifesaving treatments and cures.
The imposition of price controls creates a fundamental market access barrier that deters future innovation. Research published by the Chamber in 2019 highlighted how a country’s legal and regulatory framework can hinder the creation of and access to innovative goods and services in key global markets.
Legal and regulatory frameworks have changed in many countries since the onset of the COVID-19 pandemic. The 2023 Patient Access Report (“Report”) examines the national biopharmaceutical market for nine Organisation for Economic Co-operation and Development (OECD) economies and assesses the impact of their policies on access to innovative medicines. The updated report illustrates how countries that impose price controls have less access to lifesaving treatments and cures.
CO–by the U.S. Chamber of Commerce – U.S. Chamber Action.
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