OBJECTIVES: To estimate the impact of lifting government price controls in non-US OECD countries on global biopharmaceutical innovation and population health. METHODS: The Health Economics Medical Innovation Simulation (THEMIS), a Monte Carlo microsimulation, provided estimates of changes in new molecules released and quality-adjusted life expectancy after lifting government price controls in non-US OECD countries. THEMIS tracks the evolution of future health and innovation for populations aged 50 and older under different technological, policy, and/or health trends. In this analysis, 20% and 30% increases in non-US OECD prices were modeled to approximate a move to market-based pricing, based on prior research on the impact of regulation on biopharmaceutical industry revenues, yielding an 8-12% increase in OECD market size based on the comparison of US and other OECD pharmaceutical spending. A 3.5% elasticity of innovation was estimated, meaning that a 1% increase in revenues leads to a 3.5% increase in new drug releases. The value of a statistical life year was set at $200,000. RESULTS: If government price controls in other OECD countries were lifted, the number of new treatments available would increase by 9%-12% by 2030 (equivalent to 8-13 new drugs in that year). For an individual aged 15-years-old today, lifting government price controls would increase life expectancy by approximately 0.4 to 0.9 years. Lifetime gains in health and quality of life across all OECD countries — net of drug and medical spending and appropriately monetized— would amount to $589 billion-$1.51 trillion in 2030. CONCLUSIONS: Lifting government price control policies would result in an increase in revenues and R&D, and in turn, population health.