Legislation Would Create a Chief Pharmaceutical Trade Negotiator to Hold Global Freeloaders Accountable
WASHINGTON — Congressman Vern Buchanan, Vice Chairman of the House Ways and Means Committee and member of the Trade Subcommittee and Congressman Jodey Arrington (R-Texas), Chairman of the House Budget Committee, reintroduced the USTRx Act, legislation aimed at lowering prescription drug costs in the United States by addressing foreign price controls that shift the burden of innovation onto American patients.
The USTRx Act would create a Chief Pharmaceutical Trade Negotiator within the Office of the U.S. Trade Representative (USTR). This official will be tasked with identifying and reporting annually on foreign price-setting practices that disproportionately burden American patients and recommending trade remedies.
“American patients are paying more for life-saving medicines because foreign countries are free-riding on U.S. investment and innovation,” said Buchanan. “This is not only unfair, it’s unsustainable. I’m proud to join Chairman Arrington in introducing the USTRx Act to hold foreign governments accountable, stop price-setting practices that hurt American families and ensure those in need continue to have access to affordable, life-saving medicines. The United States must remain a global leader in medical innovation, but not at the expense of hardworking Americans.”
“American innovation spurs medical breakthroughs that have improved care and saved lives around the world, but for far too long, foreign countries have gotten a free ride by imposing price controls on U.S. companies’ state-of-the-art treatments for their own citizens while increasing costs for patients here. Enough is enough. My USTRx Act will expose this harmful practice, hold these countries accountable, and ensure that hardworking Americans have access to the affordable, life-saving medicines they need,” said Rep. Arrington.
The bill comes amid growing concern that foreign nations are taking advantage of American innovation. Despite accounting for less than 5 percent of the global population, American patients fund nearly 75 percent of global pharmaceutical profits around the world. In 2023 alone, manufacturers invested over $96 billion in R&D, with more than $71 billion coming from the United States.
Buchanan has long been a leader in advancing policies to lower health care costs for American families. As Chairman of the House Ways and Means Health Subcommittee and a senior member of the Trade Subcommittee, he recently led a letter with Rep. Arrington and 33 colleagues in support of the U.S. Trade Representative’s efforts to address foreign freeloading on American-financed innovation, thereby ensuring access to affordable, life-saving medications for American patients.
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