10 October 2019 - The head of the main pharmaceutical industry lobbying group on Thursday warned that a bill to lower drug prices from Speaker Nancy Pelosi would have a “devastating” effect on the industry and weaken its ability to develop new treatments.

The Pharmaceutical Research and Manufacturers of America (PhRMA) is one of the most powerful groups in Washington, and its CEO, Steve Ubl, outlined on Thursday the arguments the group is making as it seeks to ward off a push from the House, Senate and Trump administration to crack down on its prices.

“If H.R. 3 becomes law, it is lights out for a lot of very small biotech companies that are pre-revenue and depend on attracting capital,” Ubl told reporters on Thursday, using the formal name for Pelosi’s bill.

Pelosi’s measure is expected to pass the House as soon as the end of October.

Read The Hill article