Thursday, September 29, 2022
Home POLITICS Biden touts new drug pricing law amid cancer, biotech push

Biden touts new drug pricing law amid cancer, biotech push

Republicans have accused Biden of hypocrisy over the billions of dollars the new law is expected to divert from the pharmaceutical industry through a process to negotiate prices directly with manufacturers of some high-cost drugs.

The Congressional Budget Office projects the law will prevent 13 of an expected 1,300 drugs from hitting the market over the next 30 years, though it did not speculate on what types of drugs would be affected and said the prediction comes with uncertainty.

“The socialist scheme he signed into law last month will drive up drug costs when they are released, make America more reliable in drug development and manufacturing supply chains from China, and lead to fewer cures,” said Republican Cathy McMorris Rodgers, R-House Energy and Commerce. Wash., she said in a statement. “If we want to end cancer as we know it, one less cure or treatment is too much.”

The president also launched a new biotechnology and biomanufacturing initiative as part of Monday’s announcement. Biden said the initiative would boost domestic manufacturing jobs, increase production of critical pharmaceutical ingredients, increase biosecurity and safety initiatives, accelerate renewable energy sources and address other climate concerns.

Biden issued an accompanying statement executive order direct the Office of Science and Technology Policy to implement biotech and manufacturing plans across the executive branch and launch data initiatives to promote the broader “bioeconomy.”

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