Democrats lie, and their cult following love it.
https://www.realclearpolicy.com/art...s_another_fiction_being_unmasked_1046154.html
My, how things have changed in the past few weeks. By the time the Republican National Convention convened, the Democrats had hoped to be running President Biden on a platform touting the alleged success of his healthcare policy, exemplified by the poorly named Inflation Reduction Act (IRA). But his debate performance, particularly his “We beat Medicare” gaffe, threw a wrench in those plans. And like everything else surrounding Biden, the fiction of his signature “Drug Price Negotiation Program” has unraveled.
Negotiations have nothing to do with the program spelled out in the IRA. The truth is, the drug “negotiation” program is simply a price-fixing racket created by Democrats in Congress to empower the Department of Health and Human Services (HHS) to dictate drug prices, independent of any free market considerations.
What that means for drug manufacturers is that they won’t be able to recoup the dizzying research and development costs. Typically, more than $2.5 billion is invested to develop each drug. And even after such investments, many drugs never make it all the way to pharmacy shelves.
What it means for seniors is fewer new cures and treatments. Drugmaker AstraZeneca has already stated that it would pare back development of cancer-fighting medications, specifically because the economics of the IRA would not support it. Eli Lilly likewise pointed to the IRA to explain why it was discontinuing a $40 million blood cancer drug. Alnylam cited the need “to evaluate the impact of the Inflation Reduction Act” for its decision to halt development of a rare eye disease treatment.
Reduced R&D activity may result in as many as 342 fewer new drug approvals through 2037, a University of Chicago analysis of similar legislation found. The study projected a deadly harvest would result, measured as a loss of 331.5 million life years in the United States.
The reality is that Biden’s IRA’s drug program will hurt, not help America’s seniors.
https://www.realclearpolicy.com/art...s_another_fiction_being_unmasked_1046154.html
My, how things have changed in the past few weeks. By the time the Republican National Convention convened, the Democrats had hoped to be running President Biden on a platform touting the alleged success of his healthcare policy, exemplified by the poorly named Inflation Reduction Act (IRA). But his debate performance, particularly his “We beat Medicare” gaffe, threw a wrench in those plans. And like everything else surrounding Biden, the fiction of his signature “Drug Price Negotiation Program” has unraveled.
Negotiations have nothing to do with the program spelled out in the IRA. The truth is, the drug “negotiation” program is simply a price-fixing racket created by Democrats in Congress to empower the Department of Health and Human Services (HHS) to dictate drug prices, independent of any free market considerations.
What that means for drug manufacturers is that they won’t be able to recoup the dizzying research and development costs. Typically, more than $2.5 billion is invested to develop each drug. And even after such investments, many drugs never make it all the way to pharmacy shelves.
What it means for seniors is fewer new cures and treatments. Drugmaker AstraZeneca has already stated that it would pare back development of cancer-fighting medications, specifically because the economics of the IRA would not support it. Eli Lilly likewise pointed to the IRA to explain why it was discontinuing a $40 million blood cancer drug. Alnylam cited the need “to evaluate the impact of the Inflation Reduction Act” for its decision to halt development of a rare eye disease treatment.
Reduced R&D activity may result in as many as 342 fewer new drug approvals through 2037, a University of Chicago analysis of similar legislation found. The study projected a deadly harvest would result, measured as a loss of 331.5 million life years in the United States.
The reality is that Biden’s IRA’s drug program will hurt, not help America’s seniors.
