Eric Cantor, former Republican leader in the House of Representatives and one of the most seasoned navigators of official Washington, was named president and CEO of PhRMA, the voice of the pharmaceutical industry, on Tuesday, effective November 9.
Why it’s important: Cantor, 63, becomes the public face of an industry that is at the forefront of American innovation in the AI era, but which will face increasing scrutiny if, as expected, Democrats take the House in the midterms in November.
Cantor succeeds Steve Ubl, who in April announced his intention to step down after 11 years as head of PhRMA, one of the most powerful advocacy groups in the country.
- Cantor is a Republican who represented the Richmond, Virginia, area in Congress and later became a major player on Wall Street.
What they say: PhRMA said in its announcement that Cantor brings “decades of experience at the intersection of business and public policy to lead the organization at a pivotal moment for the U.S. biopharmaceutical industry.”
- Rob Davis, CEO of Merck and Chairman of the PhRMA Board of Directors, said: “Eric is highly respected among political leaders in Washington and around the world, with a long track record of working effectively across the political spectrum to achieve important results that have lasting impact. »
What we’re looking at: The pharmaceutical industry is facing bipartisan scrutiny over how drug companies are contributing to the health care affordability crisis. Polls show that an overwhelming majority of Americans believe current prescription drug prices are unreasonable and blame the pricing practices of drugmakers.
- If Democrats take office on Nov. 3, they plan to examine drug companies’ confidential pricing agreements with the White House, saying there is no evidence they offer the lowest prices to American consumers.
The backstory: Cantor represented Virginia in the United States House of Representatives from 2000 to 2014 and served as House Majority Leader from 2011 to 2014.
- Since leaving Congress, Cantor has served as vice chairman and managing director of the investment bank Moelis & Company. He is a frequent guest on CNBC’s “Squawk Box.”
- Cantor said: “The U.S. biopharmaceutical industry leads the world. PhRMA member companies operate at the forefront of science and technology, researching new treatments and cures for chronic and rare diseases.
PhRMA Announcement said that during his time in Congress, he “led the bipartisan enactment of the Gabriella Miller Kids First Research Act, which prioritized federal support for pediatric disease research at the National Institutes of Health (NIH), and was instrumental in supporting legislation that established Medicare Part D, expanding access to drug coverage for seniors and people with disabilities.”
- “He also laid the groundwork for passage of the 21st Century Cures Act, a landmark bill with bipartisan support that included a significant increase in NIH funding and included reforms to the Food and Drug Administration (FDA) designed to expedite approval of drugs to get them to patients more quickly,” the statement said.
When Ubl announced After his upcoming departure, PhRMA said that under his leadership the group had “fought to preserve a world-leading regulatory and intellectual property system that has enabled companies to deliver hundreds of new drugs to patients over the past decade.” He also led efforts to defeat numerous federal and state proposals that threatened the availability of new treatments and cures to patients.
- Axios Healthcare Editor Adriel Bettelheim contributed to this report.
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