Runaway prescription drug prices cost U.S. taxpayers, the U.S. healthcare system, health insurers, and the federal government billions of dollars. Pharmaceutical companies gouge U.S. consumers and the U.S. healthcare system because they can, not because they have to — their ability to turn profits in other countries while charging lower prices for the same prices is proof of this unconscionable practice. This bill will bring prescription drug prices under control, which will benefit everyone in the U.S. healthcare system, from consumers all the way up to the federal government.
This bill would concentrate the power to set prescription drug prices in the hands of a few unelected bureaucrats, which is an incredibly huge responsibility to give to people aren’t beholden to anyone, including voters and the general public. It also puts healthcare innovation at risk: by reducing pharmaceutical companies’ revenue streams, it’d necessarily reduce those companies’ free capital to invest in potentially life-saving new medications. Finally, certain provisions of this bill, such as international reference pricing, could prove tremendously difficult to implement.