Inflation Reduction Act is bad news for patients

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Democrats are riding high on the public support they’ve garnered for passing legislation giving Medicare the power to negotiate for lower prices from drug makers. A Politico-Morning Consult Poll found that 76% of Americans support price caps on drugs, while only 13% do not.

In other words, Democrats have effectively convinced the public that government-controlled drug prices will deliver better, more affordable care.

But that’s incorrect. The drug-price provisions within the Inflation Reduction Act will reduce the number of new drugs that make it to patients — and drive the prices of those that do hit the market skyward.

Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.

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