Washington, D.C. – Following the Trump Administration’s announcement on implementing a Most Favored Nation approach to pricing of Medicare Part B drugs, National Association of Manufacturers President and CEO Jay Timmons released the following statement:
“Manufacturers in America are driving global pharmaceutical innovation. Recent COVID-19 vaccine and therapy developments underscore the value of that leadership. As the coronavirus tightens its grip on the country, we should not be looking at failed price-setting schemes as a solution. While producing the essential supplies needed to fight the virus, manufacturers are also working to provide affordable medicines and therapies to the public. We believe strongly in lowering health care costs, but the socialist policies outlined today will not aid in the effort.
“What this dangerous precedent will do is stifle the development of treatments and vaccines to combat future pandemics, Alzheimer’s or cancer while also limiting access to critical products for those most in need. Competition and free market principles are the foundation of a strong economy, and now is not the time to abandon those values.”
Currently, the NAM is running an ad on the dangers of price indexing. To view the ad, click here.
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 12.2 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.