Why Foreign Drug Pricing Policies Don’t Work
Congress is considering passing a drug pricing policy that could threaten the future of groundbreaking cures! The policy would adopt similar policies that foreign countries use to restrict access to medicine.
There are major problems with this policy:
- It puts innovation at risk. The policy could lead to an estimated 60 fewer new treatments over the next three decades. A new study by the Congressional Budget Office found that it would result in fewer groundbreaking treatments for patients in desperate need of relief.
- It threatens the U.S. advantage. Patients who live in countries with a similar drug pricing policy often experience significant delays in accessing new treatments. We can’t allow a government power grab to put patients’ lives at risk.
- It overpromises. While the policy claims it will lower healthcare costs for all patients, less than 1% of seniors on Medicare would see reduced out-of-pocket costs. In fact, some experts estimate that the policy may even increase insurance premiums for seniors.
Adopting foreign price controls could result in serious consequences for patients and the U.S. healthcare system. To lower healthcare costs, Congress should pursue market-based reforms rather than this misguided government power grab to dictate pricing.
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