Washington, D.C. (September 13, 2020) – Dr. Michelle McMurry-Heath, president and CEO of the Biotechnology Innovation Organization (BIO), issued the following statement after the Trump administration moved forward with its threat to impose foreign price controls on medicines covered under Medicare:

“With scientists and researchers at America’s biopharmaceutical companies working around the clock to fight a deadly pandemic, it is simply dumbfounding that the Trump administration would move forward with its threat to import foreign price controls and the inevitable delays to innovation that will follow. This reckless scheme will eliminate hope for vulnerable seniors and other patients waiting for new treatments by drastically reducing investment in cutting-edge scientific research and development. That is why we will use every tool available – including legal action if necessary – to fight this risky foreign price control scheme. America’s patients, families, scientists and researchers deserve nothing less.

“BIO has worked hard to advance systemic and bipartisan reforms that address legitimate concerns about the U.S. healthcare insurance and delivery systems, including concerns about the affordability and accessibility of medicines.  And we will continue to do so, regardless of today’s announcement from the Trump administration. We remain guided by an overarching focus on putting patients’ interests first, reducing healthcare disparities, and ensuring continued investment in the next wave of biomedical breakthroughs for COVID-19 and many other life-threatening diseases.”