Posted by Michael Wonder on 18 Apr 2020
Prescription drug costs are spiralling, but price controls are the wrong solution
19 April 2020 - Congress is considering two plans to reduce high drug prices.
Senators Ron Wyden (D-Ore.) and Chuck Grassley (R-Iowa) have spent the past several months promoting their Prescription Drug Pricing Reduction Act. Meanwhile, Sen. Mike Crapo (R-Idaho) is pushing his alternative, the Lower Costs, More Cures Act.
Both measures would certainly cut drug prices—but they'd do so in vastly different ways. The Wyden-Grassley bill embraces heavy-handed government price-setting, which would cripple biotech businesses and their vendors across the country.
