Inflation Reduction Act kills incentives for medical innovation

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Price controls invariably lead to shortages in the short term – and warp the financial incentives that underpin drug research and development in the long term.

The Biden administration recently announced the first 10 drugs that will be subject to price controls under Medicare as part of the Inflation Reduction Act. The president celebrated the occasion, saying, “We took on Big Pharma and special interests, overcoming opposition from every Republican in Congress, and the American people won.”

“Won?” The next generation of American patients will not feel like they “won” when they’re stuck waiting even longer for effective treatments — if those treatments ever materialize.

Read the full article in the Detroit News

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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