BioUtah and Utah Biotech/Biopharma Companies Raise Concerns About Impact of Trump’s “Most-Favored-Nation” Drug Pricing Order on Innovation

August 19, 2020

BioUtah, along with 10 Utah biotech and biopharma companies, have sent letters to Utah’s U.S. Senators and Representatives urging opposition to the President’s directive to impose “most-favored nation” pricing on Medicare Part B drugs. The letter notes that if the executive order moves forward, investment dollars for Utah’s smaller drug discovery companies could dry up as betting on new treatments and cures becomes all the more risky. Utah’s life sciences community is also very concerned that this pricing model could restrict seniors’ access to critical Part B therapies for cancer and other serious diseases. Imposing price controls from foreign countries is especially troubling as our nation and vulnerable elderly are relying on the U.S. pharmaceutical industry to develop the treatments and vaccines to beat COVID-19.

BioUtah supports exploring alternative, system-wide reforms, that will cut out-of-pocket costs without impeding new innovative drugs that improve and save lives.