Florida’s economy is built on growth, innovation, and opportunity. From small businesses and manufacturers to health care providers and life sciences companies, our state succeeds when policy supports stability, competition, and access.
That’s why proposals like “Most Favored Nation” policies deserve careful scrutiny.
The Florida Legislature filed HB 697, which includes a “Most Favored Nation” policy, to tie Florida prescription drug pricing to prices in other countries. While the goal of lowering health care costs is one we all share, policies that rely on foreign pricing systems raise serious concerns for Florida’s workforce, employers, and economic future.
Health care and life sciences are a major driver of Florida’s economy, supporting nearly 300,000 jobs and more than $80 billion in annual economic activity. These are high-skill, high-wage jobs spread across research, manufacturing, logistics, and clinical care – many of which are Hispanic-owned.
Florida’s competitive advantage has always been its commitment to free-market principles, innovation, and patient choice. Importing pricing models from centralized health systems that operate very differently from ours risks undermining those strengths and could make Florida less attractive for investment, growth, and job creation.
Experience from other countries should give Florida pause. Nations often used as pricing references routinely limit or delay access to new treatments, resulting in longer wait times and reduced access to innovative care for patients. While nearly 90% of new medicines launched globally are available to U.S. patients, access drops sharply abroad, to roughly half or less in many countries. These systems may achieve lower prices on paper, but often at the cost of fewer options and longer wait times for patients.
And these types of policies that limit access to medicines or disrupt community-based care don’t just affect patients. They ripple through the economy. When access to treatment is delayed or disrupted, workers miss more days on the job, productivity declines, and employers face higher long-term health care costs. Shifting care from community settings to hospitals also increases system-wide costs, ultimately affecting premiums, employers, and taxpayers.
There are better ways to lower health care costs without risking access or economic stability. As Florida lawmakers consider HB 697, I urge them to consider not only short-term price signals but also the long-term impact on patients, workers, and the businesses that keep our state moving forward.
Florida can, and should, pursue health care solutions that protect access, support innovation, and strengthen our economy. Our patients, our workforce, and our small businesses deserve nothing less.
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Julio Fuentes is president & CEO of the Florida State Hispanic Chamber of Commerce, the leading advocate for Hispanic entrepreneurs, representing more than 604,000 businesses that generate over $90 billion annually and drive jobs and growth across Florida.