U.S. Chamber: Government Price Controls Reduce Access to Life-Saving Medicines

WASHINGTON, D.C. — Tom Quaadman, Senior Vice President for Economic Policy at the U.S. Chamber of Commerce, issued the following statement regarding the administration's new executive order on international reference pricing:

"The President is right to object to foreign governments' price controls on pharmaceuticals, which result in America disproportionately funding most pharmaceutical research. However, the answer is not to import foreign government price control policies into the United States, but instead to pressure foreign governments to give up their price controls.

"Our studies have shown that patients in countries that have adopted price controls have access to fewer treatments and face significant delays in accessing many of the treatments that are available. Moreover, government price controls will stop or slow the development of new medicines.

"We stand ready to work with the administration to combat foreign price controls and ensure that American patients and businesses are treated fairly."

###