WASHINGTON, D.C. - Tom Quaadman, Executive Vice President of the Global Innovation Policy Center at the U.S. Chamber of Commerce, released the below statement on the Biden Administration's announcement of the results of the so-called negotiation for a selected set of prescription drugs:

"The U.S. Chamber supports access to affordable medicine, but today's announcement is the result of government-set price controls, not a true negotiation. Under this approach, patients lose. Research shows government price controls harm patients, limit access to medicine, and reduce investment in medical innovation."

"That's why the Chamber challenged the drug pricing provisions of the Inflation Reduction Act in federal court, and why we urge the Administration and Congress to repeal the IRA's so-called negotiation program, avoid the harmful consequences of price controls, and instead support market-oriented solutions that deliver new lifesaving medicines at affordable prices."

#