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Government-imposed price controls , which establish limits on what can be charged for a good or service, are often promoted as a way to stabilize costs for consumers. In healthcare, price controls cap the costs of treatment and pharmaceutical products. Theof 2022, for instance, capped out-of-pocket prescription drug costs in Medicare and requires drug companies that raise their drug prices faster than inflation to pay Medicare a rebate.
While trying to solve complex problems with simple solutions is tempting, it typically doesn’t work. Adding more price controls into the mix will push organizations to find creative workarounds that are unlikely to solve the underlying issues in healthcare delivery—how to get to better health outcomes at lower total cost of care.
Drug manufacturers can’t pursue all ‘good’ ideas; they need to evaluate market potential, unmet medical need and the likelihood of positive clinical trial results. They must go through the hard work of getting regulatory approval, adequate reimbursement and market adoption. This is already a risky business. If one in ten drugs makes it to market, that one success needs to fund the other nine failures.
Inflation Reduction Act Pharmaceutical R&D Healthcare Affordability Healthcare Delivery Kamala Harris
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