Publications: Kelli Zhao

A recent article in the British Medical Journal contends “high drug prices” are neither necessary nor justified to sustain biopharmaceutical innovation. But it misrepresents and misinterprets the facts, highlighting how faulty the rationale is for drug price controls.

The IRA Medicare drug negotiations represent a poorly crafted policy with many direct and unintended consequences for biopharmaceutical innovation. Rather, this short-term win for government drug price-setting advocates will likely lead to long-term harms that patients will feel for decades.

Investments in biopharmaceutical innovation and expenditures on medicines themselves both produce tremendous societal returns. Maintaining the robust innovation ecosystem necessary to capitalize on these benefits requires the right mix of “push” and “pull” incentives.