As policymakers consider the future of American healthcare, it is imperative to recognize the potential dangers of adopting foreign price controls for life-saving medications. These price controls, which are referred to as foreign “reference pricing,” would tie the price of medicines in the United States to prices set by foreign governments that are paid in other countries with vastly different healthcare systems. While this approach may initially sound appealing, the reality is that foreign reference pricing imports the failed models of other countries rather than rewarding innovation or recognizing the true value of breakthrough therapies. It pegs prices here to bureaucratic decisions made abroad and threatens to undermine the very engine of medical innovation that has made the United States a global leader in life sciences and benefited millions of patients.

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