The Honorable Val Hoyle
1620 Longworth House Office Building
Washington, D.C. 20515
Dear Congresswoman Hoyle,
On behalf of the millions of members and supporters of the National Committee to Preserve Social Security and Medicare, I am writing to endorse the Affordable Pricing for Taxpayer-Funded Prescription Drugs Act (H.R. 10094), which proposes to lower prices for biomedical products and services by requiring affordable pricing agreements for products that are developed with federal funds. Members of the National Committee come from all walks of life and every political persuasion. What unites them is their passion for protecting and strengthening Social Security, Medicare, and the other programs that are so vitally important to older Americans.
H.R. 10094, which aims to ensure that Americans do not pay more for biomedical products or services than residents of other high-income countries (Canada and six other Organization for Economic Co-operation and Development countries), requires manufacturers to disclose clinical trial costs; government subsidies received; and annual revenue generated. The scope of the bill includes medications, vaccines, medical devices, diagnostic tests, cell or gene-based therapies and other health care technologies.
Among the requirements for reasonable pricing authorized by H.R. 10094 are mechanisms that would “lower prices or shorten exclusivity periods when revenues exceed targets, which “exceed a standard of cost per health benefit achieved,” and “constitute significant barriers to access or fiscal burdens on patients.”
The National Committee endorses this excellent legislation, and we look forward to working with you to move the bill forward into federal law.
Sincerely,
Max Richtman
President and CEO
