Some Democratic lawmakers want to resurrect parts of the Build Back Better (BBB) agenda, including the provision that puts the government in charge of prescription drugs, which would be a mistake, according to AZ Central.
In December 2021, President Biden’s multi-trillion-dollar spending package – the BBB Act (what Republicans call the Big Government Socialism Bill) – faced a lot of criticism. But, will things change in 2022?
Medicines are still too expensive and reform is long overdue, but the government’s price controls will jeopardize the future of prescription drugs.
The BBB bill came up short in 2021 due to its expansive policies that may have unintended consequences.
Some experts believe giving big-government price-control power over prescription drug costs would throw the future of prescription drugs into chaos with consequences.
The BBB agenda puts the secretary of the Department of Health and Human Services (HHS) in charge of setting drug prices for Medicare via “negotiation” provisions. This could result in significantly increased government control, forcing pharma companies to either accept the government’s price or face fines in the form of an excise tax.
If the federal government controls prescription drug prices, Americans would face difficulty in having access to low-cost generic medicines. And generics have already saved Americans over $2 trillion over the past decade, according to the Association of Accessible Medicines.
Plus, increased FDA approvals of generic drugs have contributed to decreases in prescription drug prices – by a 1.6% decrease from September 2020 to September 2021.
A study by economists at the University of Chicago has found that the bill’s provision of government price controls would reduce research and development by more than 18% and would lead to 135 fewer new drugs available to patients through 2039.
Experts believe that the U.S. prescription drug pricing reforms should focus on creating building policies that prioritize preserving the nation’s position as a leader in developing innovative, lifesaving medicines that help Americans.
Democrats should say no to President Biden’s multitrillion-dollar BBB plan and its harmful provisions. They should not resurrect the sweeping drug provisions of the BBB.
People will achieve better outcomes through policies that increase free-market principles like competition and innovation.
For more information, read the article titled “Democrats want big-government price controls on prescription drugs. Tell them no.” The article was published Sunday in the Arizona-based news outlet.
