Prescription Drug Socialism Raises Costs, Reduces Treatments, Kills Jobs
‘Underneath the Administration’s rhetoric about lowering prices for American consumers, the hard reality is that prescription drug socialism means higher costs and fewer treatments.’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding prescription drug socialism:
“Earlier this week, the Biden Administration announced that it had received ‘counteroffers’ in the so-called negotiation between HHS and medicine producers over government price setting.
“As I’ve pointed out repeatedly, the Administration has spent years trying to corral world-leading producers of medical miracles into a socialist price-fixing scheme. And for the past several months, they’ve described their kangaroo court as if it were a garden party.
“This week, HHS Secretary Becerra insisted, ‘We are committed to constructive dialogue … These are good-faith, up front negotiations.’
“Of course, as any working American knows, in a real negotiation, both parties have the ability to walk away. That’s not the case when it comes to prescription drug socialism.
“The way these negotiations work, if a drug company doesn’t agree to the ‘maximum fair price,’ they can either agree to pay an excessive excise tax, or they can withdraw entirely from participation in Medicaid and Medicare programs.
“Mr. President, anyone can see that this process is anything but a ‘good faith negotiation.’
“But that’s not even the crux of the issue. Here’s what is:
“Underneath the Administration’s rhetoric about lowering prices for American consumers, the hard reality is that prescription drug socialism means higher costs and fewer treatments.
“According to one estimate, this scheme would eliminate nine times as much funding as the 2016 Cancer Moonshot initiative created.
“By another analysis, the Biden Administration’s drug pricing scheme will lead to 139 fewer medicines over the next decade.
“And that’s just on the treatment side. Over the next decade, prescription drug socialism would reportedly eliminate up to 135,900 jobs directly in the life sciences space in the United States, and up to 676,000 jobs in related fields.
“Apparently, the Biden Administration is really just out to make it harder for the world’s foremost engine of medical innovation to do what it’s best at – finding cures.
“And the worst side effect? The millions of people who will go without groundbreaking American-made treatments.”
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Related Issues: Health Care
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