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NJBIA Points Out Obvious Flaws in Governor Murphy’s Drug Price Control Scheme

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the staff of the Ridgewood blog

NJBIA President & CEO Michele Siekerka issued the following statement regarding prescription drug relief legislation signed into law by Gov. Phil Murphy .

“NJBIA can appreciate the intent of these bills signed today, as we continuously advocate for high-quality, cost-effective healthcare for businesses throughout the state.

“The pharmaceutical industry, however, plays a major part in New Jersey’s economy. And the pricing of healthcare is much more complex than setting a mechanism to establish price controls for one segment of a multi-level healthcare sector.

“By setting data reporting requirements and establishing a council that presumes to control these costs, we have concerns these provisions will send a message to R&D companies that New Jersey is not the best state to invest in.

“For the good of New Jersey’s economy, we should make sure we’re not inhibiting private investment and research from the pharmaceutical industry.”

The New Jersey Business & Industry Association is an employer association that provides information, services, and advocacy for its member companies. It is the nation’s largest state employer association with 20,000 member companies, as of 2015.

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