President Biden just released his budget plan for the next fiscal year. It purports to extend Medicare’s solvency by decades and reassure the millions of Americans who rely on the program.
But once they realize his approach will grind drug research to a halt, perhaps they’ll come to a different conclusion.
The president says he’ll reduce Medicare’s costs by expanding a provision in last year’s Inflation Reduction Act that authorizes the program’s officials to “negotiate” — that is, demand with the force of law — lower drug prices from pharmaceutical companies. This, he claims, will save billions of dollars that can be plowed back into Medicare.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.
Price controls in Medicare will kill new cures
Sally C. Pipes
President Biden just released his budget plan for the next fiscal year. It purports to extend Medicare’s solvency by decades and reassure the millions of Americans who rely on the program.
But once they realize his approach will grind drug research to a halt, perhaps they’ll come to a different conclusion.
The president says he’ll reduce Medicare’s costs by expanding a provision in last year’s Inflation Reduction Act that authorizes the program’s officials to “negotiate” — that is, demand with the force of law — lower drug prices from pharmaceutical companies. This, he claims, will save billions of dollars that can be plowed back into Medicare.
Click to read the full article in the Tribune-Review.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.