Government Mandates Will Not Lower Drug Costs
Timmons: “We should not import failed socialist price controls”
Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released the following statement on the administration’s proposed rules to address drug pricing.
“We should not import failed socialist price controls, and we are surprised that President Trump and Secretary Azar would consider such actions. Our battle with COVID-19 shows just how vital pharmaceutical innovation is to our health and survival, and we cannot afford to limit companies’ ability to develop lifesaving treatments for this or future medical crises.
“Importing drugs from foreign countries that don’t guarantee the same standards for drugs made for the U.S. market poses a serious health risk, especially considering the counterfeiting challenges we already face.
“If enacted, tying any portion of our system to a foreign government-run health care system, through International Price Indexing or other means, is an abdication of free market principles.
“Manufacturers of all sectors are committed to lowering health care costs, and we call on the administration to commit to better market-based solutions that won’t hand over private-sector decisions to foreign governments, potentially impacting Medicare recipients and impacting our ability to help provide lifesaving medicines.”
The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 11.7 million men and women, contributes $2.37 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.