For Immediate Release
August 16, 2024 — WASHINGTON,DC
Statement by UAEM North America Executive Director, Justin Mendoza, on drug price negotiation rates released for the first 10 medicines with lowered costs from the Inflation Reduction Act:
“Yesterday, the Biden administration released details and celebrated the lower list price of 10 key medicines for America’s Seniors through Medicare. Today marks two years since passage of the Inflation Reduction Act, the law authorizing the U.S. to negotiate drug prices. Given that the Medicare program was granted the ability to purchase prescription drugs for seniors in 2004, this milestone has been 20 years in the making and is pivotal for the future of health care in the U.S.
While this is historic progress toward a check on pharmaceutical power, the need to negotiate drug prices marks a failure in our broader system of drug development. When we live in a world where a vast majority of new medicines are invented with taxpayer dollars, often on our university campuses, high drug prices are only allowed because our current innovation system gives massive pharmaceutical corporations unchecked monopoly power. Indeed, in that world, negotiated drug prices become the only true relief people can see in the costs of their medicines.
We will continue to urge lawmakers, universities, and innovators to incorporate access terms, alternative innovation practices, and partnerships that can enable an affordable future for biomedical innovation. We deserve a system that prioritizes the needs of patients over the wants of shareholders.”
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