Big pharma attacks Clinton’s plan to combat drug prices

The leading pharmaceutical lobbying group is lashing out against Hillary Clinton’s soon-to-be-released plan to combat rising drug prices.

The head of the Pharmaceutical Research and Manufacturers of America (PhRMA) released a statement Tuesday rebuking her proposals, which he warned would kill jobs, risk patient safety and halt investment in new cures for diseases such as Alzheimer’s, Parkinson’s and cancer.

“Secretary Clinton’s proposal would turn back the clock on medical innovation and halt progress against the diseases that patients fear most,” PhRMA president and CEO John Castellani wrote in a statement.

He also accused Clinton of seizing on the “false notion” that medical spending is driven by increasing healthcare costs overall while ignoring the market’s ability to “keep spending in check.”

Clinton will drop details of her long-awaited healthcare platform at a campaign event Tuesday in Iowa. She previewed the proposals in Louisiana and Arkansas on Monday, pledging to drive down the costs of prescription drugs by $100 billion over 10 years.

But the proposals are getting a cold reception from across the healthcare industry.

The leading insurance company lobbying group, America’s Health Insurance Plans (AHIP), released a statement Tuesday that also slammed Clinton for supporting spending caps.

“Recent proposals that would impose arbitrary caps on insurance coverage or force government negotiation on prescription drug prices will only add to the cost pressures facing individuals and families across the country,” AHIP CEO Marilyn Tavenner, a former Obama health official, wrote in a statement.

“These provisions will not make drug prices more affordable,” she said, arguing that Clinton should focus instead on “greater transparency around drug pricing and more competition in the market.”