PhRMA criticizes Obama Budget statement

Commenting on US President Barack Obama’s Budget speech yesterday, Pharmaceutical and Research Manufacturers of America (PHRMA) says that the biopharmaceutical industry is committed to advancing solutions for a competitive, value-based health care system that makes better use of today’s medicines and fosters the development of tomorrow’s cures.

However, it warns, the President’s 2017 budget goes in the opposite direction by including harmful and misguided proposals that would hurt patients and stifle innovation.

Mandating public disclosure of proprietary information would undermine the pharma industry’s competitive market-based system and incentives for innovation. And, while robust competition and negotiation in Medicare Part D allows seniors to access affordable prescription drug coverage and holds down other health care costs, the President’s budget proposes to fundamentally alter the structure of this successful program jeopardizing access, driving up premiums and reducing choice. There are also other harmful policies that would impact patient access to needed medicines in Part B as well as in Medicaid.