Writing for STAT News, BIO President and Chief Executive Jim Greenwood and David Bayier of Bay City Capital have collaborated to explain to policymakers the best way to deal with the affordability of prescribed drugs.
"As professionals in politics from different aspects of the corridor, we believe there is a right way to tackle these issues and the wrong way – the right way will reduce patient costs, improve access to new medicines, and allow the United States to remain a global leader in medical innovation. Greenwood and Pierre write. "The wrong way leads to price controls, poor intellectual property protection, restricted access to medicines, and the wrong way will stifle innovation and do little to make medicines more expensive.
The authors point out that two proposals discussed on Capitol Hill will be more damaging than good.
"These ideas, known as compulsory licensing and international reference pricing, are counterproductive and counterproductive to patients, failing the key test that any drug pricing proposal must pass, that is, whether patients with the disease will be better off. Newer drugs than the rest of the world combined, because we reject government price controls and intellectual property attacks.
Greenwood and Pierre urge policymakers to adopt a better approach.
"Instead of pursuing policies that will destroy innovation and harm to patients, let us adopt responsible reforms that significantly change the lives of all patients by reducing their personal expenses for prescription drugs and improving access to innovative medicines." Greenwood and Pierre concluded. There are many ideas available to help with this, such as removing regulatory barriers to value-based pricing and covering what older people must pay for Medicare. We know what is the right approach to reducing the costs of medicines. All we need is for the elected political decision-makers to take their opinion. "
Read the full text in STAT News here.