NJBIA Opposes Price Control Bill for NJ Pharma Companies

NJBIA Opposes Price Control Bill for NJ Pharma Companies
A bill that would impose price controls on the pharmaceutical industry, rather than take a system-wide approach to addressing consumer cost concerns, is being opposed today by the New Jersey Business & Industry Association.

Bill A-1747 is scheduled for a vote this morning on the Congressional Health Committee, calling for the establishment of a committee on prescription drug affordability.

“While the goal of lowering prescription drug prices is laudable, it is not the most effective way to address patient out-of-pocket drug costs,” said Chrissy Buteas, chief government affairs officer at NJBIA. I’m here.

“In practice, dealing with healthcare pricing is much more complex than setting pricing mechanisms for the multi-level healthcare sector. It will send a message to them that there are more attractive investments.”

Butias said New Jersey lags regional competitors on key innovation metrics, and the law will only set the state back on innovation.

“NJBIA shares Gov. Murphy’s vision of reclaiming New Jersey’s role as an innovation state,” said Buteas. “This law runs counter to that vision and will only take a punitive approach to pharmaceutical companies that stifle private investment and research, while also adversely affecting an industry so vital to New Jersey’s economy. .”

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