The Inflation Reduction Act’s (IRA) drug pricing provisions will severely curtail life-science research.
The IRA vests the Centers for Medicare & Medicaid Services with the power to impose price controls on an ever-expanding list of drugs. The direct result will be that seniors today — as well as future generations of patients — will lose out on access to life-saving cures because those treatments will never be developed.
Until the political balance in Washington changes and this deadly folly can be repealed, the name of the game is limiting the damage. That task will fall to the House Republican majority, which can use its oversight authority to prevent Biden administration officials and federal bureaucrats from exercising their worst impulses in implementing this debacle of a policy.