Biotech Leader Rachel King Urges President Trump to Reject Foreign Price Controls, Ensure U.S. Continues to Lead in Innovation
Rachel King is co-founder and CEO of GlycoMimetics, a biotech company based in Rockville, Maryland that is working hard to develop new treatments for patients with various diseases of the blood. In a new video, Mrs. King explains why President Trump’s plan to impose foreign price controls on certain medicines would “directly inhibit” the ability of small biotech startups to attract the investments necessary to bring new cures and treatments to patients. Mrs. King adds the international reference pricing is “not the right way” to lower prescription drugs costs and calls on the president to ensure America continues to lead the world in biomedical innovation.
“Investors can put their money wherever they want to. Investors can put their money into apps, they can put them into cell phones, they can put them into IT … or they can put their money into developing new drugs.
“If we change the incentives and if we decrease the incentives for investing in new drugs, the money will flow out of the biotechnology industry and the United States risks losing its lead position in biotechnology.”
To learn more about the flaws of importing foreign price controls, visit bio.org/save-cures.