The Democrats' assault on the drug industry will result in fewer cures, less access to state-of-the-art medicines, and more avoidable death and suffering.
U.S. President Joe Biden and Sen. Bernie Sanders, I-Vt., Remain Alarmingly Unfazed by the Damage They've Done to America's Drug-development Ecosystem
Democrats gave the federal government the ability to dictate the prices of prescription drugs through Medicare as part of the 2022 Inflation Reduction Act: After a wave of drug price-control reforms swept the continent, however, innovation slowed drastically.By capping drug prices — and thus the return that drug companies could make bringing new drugs to market — countries in Europe and elsewhere, including Japan and Canada, undermined the economic incentive to invest in drug development.And their citizens haven't had timely access to the newest medicines that drug companies turn out.
America's higher drug prices buy that kind of widespread access. Sanders thinks they simply reflect greed. And they only have an exclusive franchise over the products they develop for a limited time. After their intellectual property protections expire and other drugmakers can make generic copies, prices plummet.
A recent analysis by the consulting firm Vital Transformation estimates that, over the next decade, the Biden price controls could cost the world 139 new drugs.
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