Trenton, August 15, 2024 ― The HealthCare Institute of New Jersey (HINJ) has issued a statement regarding the Administration’s announcement of the next set of prescription medicines to be subject to government price controls.
“Government price controls are not the way to lower health care costs. These price controls run counter to America’s longstanding global leadership on innovation – be it new treatments and cures, space exploration, computers, nanotechnology or cutting-edge medical devices. While we all agree we want to reduce patient cost, price controls stifle advances. Policies that ensure manufacturer rebates are passed along to the patient must be enacted to lower drug costs.”
The statement highlighted the achievements of the life sciences ecosystem in tackling some of the world’s most dreaded diseases. These include recent developments such as a vaccine against cervical cancer, a cure for hepatitis C, the first-ever treatment for Alzheimer’s disease, and advancements in COVID-19 vaccines and treatments. It also noted significant progress in HIV/AIDS, cancer, and rare disease treatments.
“These breathtaking and life-saving advances would not have happened under a government price control setting. Under this new system, companies have already been forced to abandon research and shelve clinical trials,” HINJ stated.
The institute reaffirmed its commitment to patients by continuing efforts in discovering new treatments and cures. “HINJ reaffirms the life sciences’ commitment to the patient community to find new treatments and cures. We pledge to continue working with policymakers at all levels of government and stakeholders around the country to identify and implement sound public policy that lowers prices while preserving the innovation ecosystem necessary to advance global human health and save lives around the world.”
