CLS statement following CMS announcement first drugs subject to price negotiation process
Back
August 29, 2023
Today’s announcement by the Centers for Medicare and Medicaid Services is another disappointing step in the administration’s price-setting agenda which will irreversibly harm innovation. While CMS has named the first ten drugs subject to a one-sided negotiation, this harmful policy’s impact will be felt far beyond these therapies and manufacturers–it has repercussions for every researcher, investor, and company regardless of size in the biopharma sector. California Life Sciences is proud to represent and advocate for the entire innovation ecosystem, and we’re already seeing the Inflation Reduction Act’s harm for entrepreneurs and small biotechs who face declining investment and rising costs.
Patients and their loved ones deserve hope. But by the Congressional Budget Offices’ own estimates, this law puts the promise of new therapies out of reach. We encourage the Administration and Congress to change course, promote therapeutic innovation, and protect America’s leading role in global life sciences innovation.