MassBio CEO & President Kendalle Burlin O’Connell released the following statement after the Centers for Medicare & Medicaid Services expanded the Medicare Drug Price Negotiation Program:
“Today, the Centers for Medicare & Medicaid Services expanded the Medicare Drug Price Negotiation Program by listing 15 additional drugs that will be subject to price negotiations in 2025, with prices taking effect in 2027. This expansion underscores the broader concerns MassBio has raised about the Inflation Reduction Act’s (IRA) impact on innovation.
“MassBio maintains that the IRA, as currently structured, disincentivizes the development of new cures, therapies, and vaccines. While we remain committed to ensuring that patients have access to affordable medications, we continue to be concerned that these policies will slow the pace of biomedical innovation.
“MassBio is dedicated to working with policymakers to find more effective solutions that strike a balance between affordability and incentivizing the next generation of groundbreaking therapies, to protect patient access to care and cures.”