""In the Chamber's latest blog post, the GIPC's Senior Vice President, Global Innovation Policy Brad Watts and Chamber Vice President of Health Policy, Lexi Branson-while acknowledging the goal of reducing drug prices as a "worthy one"-outlined the risks of MFN pricing and called on the Administration to instead "focus on market-based solutions that lower costs while preserving the incentives that drive medical breakthroughs.""
""Trump's May Executive Order 14297, titled "Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients," gave companies 60 days to extend MFN pricing to all Medicaid patients, for newly launched drugs, to return increased revenues from negotiations with countries to American patients, and to provide for direct purchasing options to patients at MFN rates. The Order aims to reduce drug prices "almost immediately, by 30% to 80%" via a "most favored nations" policy""
The U.S. Chamber of Commerce's Global Innovation Policy Center (GIPC) calls on President Donald Trump to reconsider Executive Order 14297 on Most Favored Nation (MFN) pricing for U.S. medicines. A report published by Vital Transformation estimated MFN would cause a loss of 1.98 to 2.2 million jobs (about 40% of U.S. biopharma industry jobs) and could cut clinical trial activity by up to 75%. GIPC leaders acknowledge that reducing drug prices is a worthy goal but warn that MFN would erode incentives in the U.S. R&D ecosystem and jeopardize medical innovation. The Order seeks steep price reductions and has prompted agreements with Pfizer and AstraZeneca.
Read at IPWatchdog.com | Patents & Intellectual Property Law
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