Statement on Drug Pricing Provisions Included in “Inflation Reduction Act”

Statement on Drug Pricing Provisions Included in "Inflation Reduction Act"

Amgen strongly opposes the drug pricing provisions in the "Inflation Reduction Act" passed by the Senate on August 7 and we urge the House to reject this legislation. Amgen has long supported proposals that help patients get the medicines they need, while also preserving incentives for biopharmaceutical innovation. As currently written, this bill misses the mark on both fronts.

First, the vast majority of Medicare prescription drug savings from this legislation are diverted to other priorities, leaving the majority of seniors without any guarantee of seeing lower costs at the pharmacy counter. Second, government price setting within Medicare will have a chilling effect on innovation at precisely the time when our nation needs more new medicines to treat an aging population.

Congress should reject this bill and instead work on sensible policy solutions like capping patients' out-of-pocket expenses, lowering deductibles, and ensuring that the rebates given to insurance companies and middlemen by companies like Amgen are passed on to patients when they purchase their medicines.