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Wenstrup: Dems’ Price Controls Result in Fewer Drugs

July 26, 2022

As Senate Democrats make their final push for a socialist prescription drug pricing legislation that endangers new treatments and cures, Republican on the Ways and Means Committee Rep. Brad Wenstrup (R-OH) warned in an op-ed for the Washington Examiner that fewer drugs will come to market if the Democrats’ framework becomes law. 

 

Republicans have a better approach to lower costs without killing cures – the Lower Costs More Cures Act.

 

KEY EXCERPTS:

 

  • Democrats’ partisan bill puts Washington in control of Americans’ medical decisions: “Democrats want to put price controls on drugs and other treatments under the guise of supposed negotiation. Let’s make one thing clear. This is not a ‘negotiation.’ Negotiation with the federal government is like negotiating with the mob: It’s a one-sided, top-down, take-it-or-leave-it approach. Democratic proposals call for a 95 percent penalty tax that will force drug companies to accept whatever price government bureaucrats decide.”
  • Any cure lost is one too many: “Fewer drugs will come to market in the next 30 years if the Democrats’ newly released drug pricing framework becomes law, according to the Congressional Budget Office.”
  • Republicans’ plan proves we can lower costs without sacrificing innovation: “Republicans introduced H.R. 19, the Lower Costs More Cures Act, which has bipartisan provisions to lower healthcare costs, has an out-of-pocket cap for seniors, and ensures America leads in healthcare innovation. The bill also secures our medical supply chain and makes sure that we do more to keep manufacturing here in the United States. It also gives patients more drug price transparency and ensures public disclosure of drug costs and discounts.”
  • Democrats’ plan stifles research and development: “The federal subsidies and price controls that Democrats propose in the name of ‘lowering’ prices will cause fewer drugs to be available on the market. Patients will be unable to access the most innovative new drugs for their conditions because pharmaceutical companies will invest less in research and development.”

 

CLICK HERE to read the full op-ed.