President Trump Issues
Drug Pricing Executive Orders
President Trump today announced his intention to release four drug pricing executive orders. One of these executive orders would move forward dangerous policy proposals that could have a devastating impact on the ability of New Jersey’s biopharmaceutical sector to research and develop tomorrow’s cures.
The executive order would move forward introducing foreign price controls for a broad range of medications available to Medicare beneficiaries. Studies have shown that similar price control provisions previously included in H.R. 3 would devastate innovation in treatments for rare diseases and other unmet needs, including an estimate from President Trump’s own Council of Economic Advisers that 100 fewer medications would come to market should reference pricing become law. The executive order would go into effect on August 24 as the Trump Administration works to negotiate with biopharmaceutical manufacturers on drug pricing.
New Jersey life sciences companies are leading the way in developing therapies and cures, for COVID-19 and numerous other disease states. And, BioNJ strongly believes price controls would stifle innovation, cause significant economic disruptions to thousands of New Jerseyans, and most importantly, reduce Patient access to the next generation of cures. We strongly encourage our New Jersey congressional delegation to urge the Trump Administration to withdraw these dangerous proposals.
President Trump also issued executive orders on the “rebate rule,” importation and 340B drug discounts for insulin and EpiPens. Stay tuned early next week for additional information on these orders, including text, via a BioNJ Public Policy Alert.
Please contact John Slotman, BioNJ’s Vice President, Government Affairs, at
JSlotman@BioNJ.org
should you have any questions.
