Democrats’ Manchin-Biden Build Back Better price control scheme will destroy American innovation in life-saving cures and treatments for patients, a group of 31 biopharmaceutical business leaders warned in a letter to Members of Congress.
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- Democrats’ Manchin-Biden bill destroys American innovation: “We support policies that enable patients to access the best treatments. Achieving this means also preserving the innovation ecosystem that enables us to find new cures. The Inflation Reduction Act of 2022 does not achieve those goals and could instead destroy the ecosystem that enables America to serve as a leader in scientific innovation.”
- Kills new cures: “The Inflation Reduction Act threatens the investment model that sustains life-saving innovation. According to Vital Transformation’s new analysis, if the bill should pass, Americans could see a sharp reduction in essential new drugs entering the FDA approval pipeline within three to five years, and 20 percent of research and development investment could be lost by 2039.
- Leaves patients with fewer treatment options and higher costs: “Novel disease-targeting new technologies could be shelved, and up to 135 of these new therapies may not be developed, leaving many diseases to continue devastating patients who are desperate for new options.”
- Surrenders in the fight against cancer: “A recent analysis by University of Chicago found that government controls would reduce annual spending on cancer research by nearly $18 billion a year.”