“The Inflation Reduction Act will wipe out nearly a third of the current annual spending on cancer research and development, leading to fewer new cures and discouraging innovation and investment in an industry that relies heavily on private sector funding,” writes Ways and Means Member and co-chair of the GOP Doctors Caucus Rep. Brad Wenstrup (R-OH) in a new op-ed for RealClear Policy.
Although the Biden Administration has claimed that working towards ending cancer is a priority, Democrats’ so-called “Inflation Reduction Act” surrenders in the fight against cancer and will lead to more cancer deaths by killing investment into development of lower-cost cancer treatments.
READ: Democrats’ Bill Would Raise Costs of New Drugs, Crush Innovation, and Kill Hundreds of Cures
KEY EXCERPTS:
Democrats’ “Inflation Act” will drive away the investment needed to develop cures for cancer.
- “The Inflation Reduction Act will wipe out nearly a third of the current annual spending on cancer research and development, leading to fewer new cures and discouraging innovation and investment in an industry that relies heavily on private sector funding.”
- “American investors put tens of billions of dollars into research for cancer drugs each year. As a result, cures have been developed and lives have been saved. These drugs are estimated to cost nearly $4.5 billion to develop and the process to develop them can take over ten years. Democrats’ new bill will scare off most of that much-needed investment of time and capital.”
- “The Inflation Reduction Act is “forcing me to choose to develop a drug for kids instead of a drug for their grandparents, when I could be developing both,” writes Steve Potts, PhD, who has been involved in cancer drug development for more than 20 years.”
A recent study from the University of Chicago shows that Democrats’ drug price controls kill lifesaving innovation:.
- “A recent study by University of Chicago economist Tomas Philipson found that the Democrats’ price setting scheme will kill about $18.1 billion in annual spending on cancer research and development, which dwarfs the $1.8 billion government spending on cancer Biden touted at the Cancer Moonshot initiative.”
- “As the recent University of Chicago study clearly shows, the Democrats’ price-fixing scheme will kill up to 342 cures over the next two decades. If that isn’t startling enough, CMS drug utilization data from 2016-2020 shows that the types of drugs most impacted by Democrats’ price fixing could leave over 42 million patients without needed medications.”
READ: Study: Democrats’ Price Controls Would Have Killed 104 Cures We Have Today
READ: Analysis: Americans Don’t Support Surrendering Innovation for Democrats’ Drug Price Controls
Under Democrats’ plan, all Americans will be paying more for necessary medications.
- “President Biden recently claimed that the Inflation Reduction Act will lower drug costs for cancer patients. Yet the truth is that new government price setting on prescription drugs will actually cause prices to go up, destroy patients’ access to new cures, and stall the war on cancer.”
- “Although Biden claims prescription drug price fixing will lower prices, the Congressional Budget Office (CBO) confirmed just the opposite – that the Democrats’ scheme will cause higher prescription launch prices. Whether you’re covered by Medicare, Medicaid, private insurance, or are uninsured, you’ll be paying more for your medications as a result of the Inflation Reduction Act if these new cures are developed at all.”
- “[The Lower Costs, More Cures Act of 2021] included 36 bipartisan provisions that would lower out-of-pocket spending on prescription medications and empower patients’ access to the very best medical therapeutics, diagnostics, and technologies – but Speaker Pelosi rejected this opportunity to bring a bipartisan solution forward for the American people and instead has pushed her damaging government price fixing scheme.”
READ: Congressional Scorekeeper Confirms Democrats’ Reconciliation Bill Raises Drug Prices
READ: FACT CHECK: Dems’ Drug Pricing Scheme Means Higher Prices and Fewer Cures