Washington Democrats’ Prescription Drug Socialism Means Fewer Lifesaving Cures
‘This time around, the latest chapter of prescription drug socialism would send all the wrong signals to would-be innovators behind future lifesaving cures. It would tell them not to take risks, not to build new things, and not to invest their time, resources, and creativity to develop more of the greatest medical achievements the world has ever seen.’
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, Senate Democrats took up the Biden Administration’s banner of prescription drug socialism.
“Our colleague, Chairman Sanders, announced he would ask his HELP Committee colleagues to subpoena a drug company executive to testify before the Committee about the prices of innovative treatments.
“Nevermind that U.S. Senators shouldn’t require remedial lessons in the workings of the market economy.
“And nevermind that the company in question had already expressed willingness to testify.
“Our colleague has decided to take the route of maximum escalation.
“I’ve discussed the facts behind America’s world-leading medical innovation sector at length before.
“What innovator would sink the time, resources, and risk into the development of a new treatment if there were no prospect of recouping their investment?
“Apparently, Senate Democrats aren’t the only ones who seem to be stumped by this question. The Department of Commerce is taking steps to finalize a framework it announced last December known as ‘march-in rights.’
“Under this policy, if the federal government deems that the prices of certain drug treatments are too high, it could elect to ‘march in’ and seize the company’s intellectual property rights.
“In a rather ironic twist, the Department’s proposed policy relies on a law – the Bayh-Dole Act of 1980 – that was designed to do the exact opposite. To promote cooperation between government and innovators.
“This time around, the latest chapter of prescription drug socialism would send all the wrong signals to would-be innovators behind future lifesaving cures.
“It would tell them not to take risks, not to build new things, and not to invest their time, resources, and creativity to develop more of the greatest medical achievements the world has ever seen.”
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Related Issues: Health Care
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