Lowering medicine prices and improving patient access must adhere to market-based principles that encourage innovation. Foreign reference pricing ties U.S. drug prices to foreign government decisions, which threatens the engine of innovation. The U.S. Chamber of Commerce emphasizes that price controls hinder patient access and new treatment development, citing international examples where patients experience delays and reduced access. Protecting strong intellectual property rights is essential to promote equitable access to medicines while nurturing innovation in life sciences.
The potential dangers of adopting foreign price controls for life-saving medications include the risk of tying U.S. medicine prices to foreign government-set prices, which disrupts innovation.
Foreign reference pricing imports failed models from abroad instead of rewarding innovation, making it crucial to avoid bureaucratic pricing mechanisms that risk undermining U.S. medical innovation.
Implementing price controls in the U.S. would mean importing negative consequences observed in other countries, notably longer wait times and reduced access to new treatments.
The U.S. Chamber of Commerce advocates for strong intellectual property protection to ensure equitable access while maintaining a robust environment for medical innovation.
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