A proposal by House Speaker Nancy Pelosi (D-Calif.) to have the government negotiate the prices of the most popular prescription drugs received swift backlash from the head of the nation's largest pharmaceutical industry association, who said it would harm innovation.

Pelosi recently proposed to have federal government negotiate the prices for the top 250 prescription medications on the market that don't have at least two competitors, NPR reported. The House leader argues negotiations would lower the costs of the medicines, although Senate Majority Leader Mitch McConnell (R-Ky.) said the legislation would be dead on arrival once it reaches his chamber. https://n.pr/2kCL1R5

In a statement, Stephen Ubl, CEO of the Pharmaceutical Research and Manufacturers of America, called the proposal a "radical plan would end the current market-based system that has made the United States the global leader in developing innovative, lifesaving treatments and cures."

"We do not need to blow up the current system to make medicines more affordable," Ubl said. "Instead, policymakers should pursue practical policy solutions such as sharing negotiated savings with patients at the pharmacy counter, lowering coinsurance in Medicare Part D, increasing transparency on patients' costs, promoting value-based contracts, among other improvements to the system."

Drug pricing has become a hot-button issue for the industry with lawmakers on both sides of the aisle expressing support for finding ways to lower the costs of prescription medication. PhRMA reportedly raised its dues by $100 million annually in 2016 in large part to fund advocacy efforts against price controls.

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