Forbes August 29, 2023
President Joe Biden celebrated a milestone today—but American patients have no reason to cheer.
The White House announced the first 10 prescription drugs that, starting in 2026, will be subject to price controls authorized by the Inflation Reduction Act.
Democrats laud these price controls, which they glibly dub “negotiations,” as a way to lower drug costs for seniors on Medicare. But in the not-too-distant future, people of all ages may look back and rue this day—as the beginning of the end of America’s medical golden age.
These so-called negotiations are more akin to a mugging. Medicare officials will essentially dictate prices. Drug companies can theoretically take them or leave them. But if manufacturers leave them, they must pay a 95%...
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