Opinion / Politics / Press Releases

Nancy Pelosi’s Plan to Lower Drug Costs is a Return to Failed Policies

Nancy Pelosi Drug costsWhen one considers Nancy Pelosi’s H.R. 3, the Lower Drug Costs Now Act, one can see the driving force behind the legislation and that is to either (a) introduce this initiative as a ramp to the “Medicare for All” socialism strategy, (b) give the slate of Democratic presidential hopefuls an answer to the “what are you going to do to lower drug prices” question, or (c) both. Unfortunately, many of us aren’t going to like the outcome or their answers.

H.R. 3 targets private sector health care in an astonishing government control power play. The bill demands that pharmaceutical companies negotiate drug prices with the government. However, people who dwell in realty know that the government simply does not “negotiate”, it mandates. If a pharmaceutical company does not comply with the prices set by the federal government on medications where there is no generic or biosimilar equivalent, it could face a massive 95% penalty (tax) on each drug. According to Galen Institute Senior Fellow Doug Badger, “this new tax would flow to federal coffers and not to reducing drug prices for seniors”.

Pelosi’s plan would not limit these “negotiated” prices to just federally funded health care plans like Medicare. Drug companies would be forced to offer these prices to private plans as well. Badger continues, “It’s one thing for the government to dictate the prices it pays in programs it finances. It is quite another for the government to impose a price for a product’s private sales”.

Pelosi’s price fixing would severely damage private sector research and development of new potentially lifesaving medications. It would also limit the availability of existing medications. Americans are currently experiencing artificial drug shortages due in part to the business practices in the hospital and outpatient prescription drug supply chains and this bill, while doing nothing substantive to address these practices, would exacerbate an already serious situation.

Pelosi’s price controls would destroy any incentive for private sector drug manufacturers to invest in innovative therapies. The United States currently leads the world in drug research, but it wasn’t always that way. Badger notes, ““In 1986, European firms led the U.S. in spending on pharmaceutical research and development by 24%. After the imposition of price control regimes, they fell behind. By 2015, they lagged the U.S. by 40%….if the U.S. emulates the European price-setting example, innovation almost certainly will suffer.”

H.R. 3 resurrects policies that have failed in the past, limits therapeutic options for patients and virtually guarantees the destruction of private drug therapy research and development.  It should be outright rejected while lawmakers focus on solutions that promote American led life-saving innovations that can be shared worldwide.

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Stacey

Nancy Pelosi had the sense of a plant. Period

Norma

She says her plan is good but the President has already been talking to drug companies. But status quo she won’t even look at his plan. Only her plan is good. I am truly sick of these DEMS in Congress they do nothing but go after President Trump.

Tom

Bull picky. Just another lie from the Dems Social Club

Barb304

As far as I’m concerned everything Pelosi does is a fail. TRUMP 2020 Keep America Great

Franknca

Why don’t they just do a favored nations law where no drug can be sold in the US for any more than it is sold anywhere else in the world. That is a simple solution that doesn’t require a thousand page document of bureaucracy.

Rik

When I had kidney stones over 20 years ago 2 years in a row, the doctor told me it was because I had high uric acid and that if I didn’t get it under control that I would continue to get kidney stones but that I would also get gout. He then said I would have to change my diet and gave me a prescription. When I asked “how long would I have to take this prescription?” He replied, “probably the rest of my life!”. When I heard that I said to myself “then you’re not healing me, just regulating my uric acid!” I never filled his prescription, never changed my diet and have never gotten gout! Why? … Because I take a natural tart cherry supplement that has 1,0000 mg in each capsule which also gave me a side benefit of also getting rid of the arthritic pain I… Read more »

Dr. Anthony

Perhaps Nancy can give us a list of the prescription drugs she uses that makes her so brilliant and cleaver!

Mary Johnson

They want control over private business and patients, then prices always go up and into dems pockets. First they break things, then they go on year after year always promising they will fix whatever they broke. They never fix things because they don’t want to. They want us to serve them, and continue to ask for our vote, while they insult us, the people. When will we ever learn?

Iris

The democrats haven’t done anything for the American people they are to concerned about getting rid of the President. I would suggest they talk to the people they represent instead of each other cause right now I would like to see all of them replaced.

par

Nothing more than a burned out bullying politician.

TJR

I disagree with her 100%. She is almost insane and should have retired years ago!

Joseph Kiesznopski

the democrats have no Ideal what right or Wrong, the haveBecomeCluster FDucks.

Elena Tellez

As a retired pharma industry corporate executive, I’ve been privy to decades of price gouging and data manipulation by many (but not all) drug manufacturers, who care nothing about raising prices as high and as often as they can get away with; and who care nothing about keeping drugs they have found harmful or lethal on the market until the FDA has forced them to withdraw them. Why should America have to largely fund drug innovation for greedy (often foreign-based) companies to reap profits? Why should America have to fund drug research for the world to benefit from? Just as with our trade deals — it’s time we stop supporting the world and let everyone pay their fair share. If a company wishes to innovate, it will find other sources of funding. Re innovation, a large number of ‘new Rx products’ are just ‘me-toos.’ Their molecules might be slightly different… Read more »