TAPP Applauds Bristol Myers Squibb for Requiring U.K. to Pay Fair Share for New Drug

The Trade Alliance to Promote Prosperity is applauding a decision by Bristol Myers Squibb, one of the largest American pharmaceutical innovators, to require the U.K.’s National Health Service to pay its fair share for a newly released schizophrenia treatment, Cobenfy.

President Trump has highlighted the fact that American consumers effectively subsidize cheaper pharmaceutical prices in other developed countries, including Britain. He has asked American drug companies to lower prices in the United States by September 29 and level prices across the globe. Accordingly, Cobenfy will carry the same price in the U.K. as in the U.S. Therefore, American patients will not be overcharged in order to provide an artificially lower price for Cobenfy in Britain.

TAPP supports President Trump’s efforts to end foreign freeloading. American patients should not be subsidizing foreign patients, nor should they bear all the financial burden for supporting pharmaceutical innovations that benefit the entire world. Yet, this is what happens when inflated U.S. prices offset discounted foreign prices.

TAPP is pleased to see the leadership that Bristol Myers Squibb is showing by demanding that the U.K.’s National Health Service pay the same as American patients.

Demanding a level market for pharmaceuticals is a far superior, market-oriented, and fair way to provide lower prices to American patients than any of the socialist schemes (e.g., “Most Favored Nation” or “international pricing index” pricing) that have been floated in Washington.

TAPP looks forward to other pharmaceutical innovators following Bristol Myers Squibb’s lead in achieving President Trump’s goal of creating a fairer international market for pharmaceuticals that lowers prices for American patients.