WASHINGTON, D.C.—Today, the U.S. Chamber of Commerce expressed deep concern over the Department of Health and Human Services’ move to impose government price controls on medicines under the Inflation Reduction Act (IRA).
U.S. Chamber Executive Vice President and Chief Policy Officer Neil Bradley issued the following statement:
“The U.S. Chamber supports access to affordable medicine, but a government price control scheme is counterproductive and will restrict access to critical medicines, delay treatment for patients, and jeopardize the search for new lifesaving cures.
“In its rush to implement the IRA's price control scheme, the Biden administration failed to examine the likely negative side effects of the policy.
“The nonpartisan Congressional Budget Office reports that this policy will result in fewer new treatments. However, there is no way to know if it is likely to be fewer cancer drugs or Alzheimer’s treatments because the administration has not examined the issue. It is a well-known fact that in other countries with similar policies, patients have access to fewer treatments and longer wait times to get treatment. But we don’t know the impact on access and wait times for America’s seniors because the administration failed to conduct any research or analysis.”
Today, the Chamber sent a letter to U.S. Health and Human Services Secretary Xavier Becerra calling for greater transparency and accountability in implementing the drug price control scheme and asking why the administration chose to proceed without a full analysis of the negative consequences for seniors.