Date: December 12, 2019
Subject: Undercutting Innovation by Imposing Socialist Price Controls on Prescription Drugs
Description: This bill, known as Pelosi's Drug Plan, would enable government-sanctioned theft from the private sector and eliminate incentives for innovation by establishing price controls on prescription drugs. Under the bill, drug manufacturers would be extorted by government to "negotiate" with Medicare for below-market prices (maximum allowed under Medicare) for insulin products and at least 25 brand-name drugs. However, the "negotiated" price would be prohibited from exceeding 120% of the price charged for the drug in Canada and other countries with socialist pricing schemes. Furthermore, drug manufacturers would be forced to sell the drugs to consumers with private insurance at the same extorted price set by government. Finally, the bill would prevent manufacturers from raising drug prices at a rate greater than inflation and further socialize drug costs for Medicare beneficiaries by establishing a $2,000 cap on out-of-pocket drug costs. ACU opposes price controls and government extortion of private companies which devastates innovation. ACU supports reducing prescription drug costs by stopping foreign countries from freeloading on Americans by fostering free-market principles in international markets and streamlining the approval process at the FDA.
Result: Bill Passed, 230-192
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