North Indy News

U.S. Senator Todd Young (R-Ind.) has spearheaded a letter addressed to U.S. Trade Representative Jamieson Greer and Secretary of Commerce Howard Lutnick, urging the Trump Administration to address foreign price controls in ongoing trade negotiations. These controls are seen as contributing to American patients shouldering the costs of pharmaceutical research and development.

The senators expressed support for President Trump's efforts to ensure that foreign nations contribute fairly to pharmaceutical research costs. They highlighted how some developed countries have benefited from American innovation by suppressing prices and limiting spending on new medicines, leading to an imbalance where American patients bear a disproportionate share of global pharmaceutical innovation costs.

The letter calls for the appointment of a senior political official within the Office of the U.S. Trade Representative to lead discussions on pharmaceutical pricing and for nominating someone to fill the Chief Innovation and Intellectual Property Negotiator role. This position was created by Congress in 2015 to address foreign government policies adversely affecting U.S. innovation.

"Appointing an experienced Chief Innovation and Intellectual Property Negotiator would send a strong signal to our trading partners that the United States is committed to addressing imbalanced pharmaceutical pricing," wrote the senators.

Joining Senator Young in signing the letter were Senators Thom Tillis (R-N.C.), Tim Scott (R-S.C.), Roger Marshall (R-Kan.), Bill Cassidy (R-La.), Steve Daines (R-Mont.), Ted Budd (R-N.C.), Cynthia Lummis (R-Wyo.), Ashley Moody (R-Fla.), Chuck Grassley (R-Iowa), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), John Boozman (R-Ark.), Jim Banks (R-Ind.), Jon Husted (R-Ohio), Cindy Hyde-Smith (R-Miss.), Tim Sheehy (R-Mont.), and Lindsey Graham (R-S.C.).

The full text of the letter outlines concerns over Executive Order 14297, which directed Commerce and USTR to remove policies forcing American patients to pay disproportionately for global pharmaceutical R&D by suppressing prices below fair market value abroad.

The senators urge immediate action from Commerce and USTR in negotiating binding commitments with trading partners, aiming to eliminate unfair price controls that burden Americans while also serving as non-tariff barriers to trade.

They believe addressing these issues could lead to increased investment in medical R&D, lower healthcare costs for Americans, bolster U.S. exports, and create jobs.