RICHMOND, Va. — This week, it was announced that major pharmaceutical manufacturer AstraZeneca will build a multibillion-dollar site in Virginia. This news marks a major investment in Virginia’s economy, and proves that Virginia is a national leader in both attracting economic development from the pharmaceutical industry and passing legislation to lower the cost of medicine and hold corporations accountable for price gouging.
Freedom Virginia co-Executive Director Rhena Hicks released the following statement:
“AstraZeneca’s decision to build a manufacturing site in Virginia brings a major investment at a time when our commonwealth is struggling from federal job losses. Our hope is that this site will prove to be a major boost for Virginia’s economy, after months of being battered by President Trump and Elon Musk’s reckless cuts to the Commonwealth.
“We must also acknowledge the massive handouts the Republican budget bill gave to Big Pharma. By exempting more medications from the Medicare negotiation process established by the Inflation Reduction Act, the Republican budget bill will cut government savings on prescription drugs by nearly $5 billion over the next decade. That money will go directly into the pockets of pharmaceutical companies, and more likely into the pockets of their CEOs. Combined with the ability to expense research and development and the decision not to codify “Most Favored Nation” pricing, pharmaceutical companies are likely to see significant profit increases while continuing to raise drug prices for hardworking people.
“While we welcome the historic economic investment in Virginia, there is still a need to hold Big Pharma accountable for their predatory pricing. No one should have to choose between their cost of living and the cost of staying alive. We must lower sky-high prices for life-saving and life-sustaining medicine. At a time when regular people are suffering from corporate price gouging and the high cost of living, we need access to affordable medicine. We hope that this economic partnership will lend itself to meaningful conversations about how we can work together to lower the cost of medicine, and following Governor Youngkin’s two vetoes of bills to create a Prescription Drug Affordability Board, we look forward to working with the next governor to solve Virginians’ affordability crisis.”
