The House Republican leadership has expressed concerns over the Biden-Harris administration’s drug price negotiation scheme, which they claim puts America’s leading status in pharmaceutical development at risk. Speaker Mike Johnson (R-LA), House Majority Leader Steve Scalise (R-LA), House Majority Whip Tom Emmer (R-MN), and House Republican Conference Chair Elise Stefanik (R-NY) issued a joint statement after the administration released the results of their drug price negotiation scheme, which was mandated by the Inflation Reduction Act.
According to the Centers for Medicare and Medicaid Services (CMS), ten drugs covered under Medicare Part D were selected for negotiation with pharmaceuticals. The Biden-Harris administration claims that this will result in $6 billion in savings on these ten drugs. However, Joe Grogan, the former director of Trump’s Domestic Policy Council, told Breitbart News that the alleged savings are “totally bogus.
Many outlets such as Politico have noted that it may be hard for the Harris campaign to tout these alleged savings as a victory, as pharmacy benefit managers (PBMs), rebates, out-of-pocket caps, and other aspects already help reduce prices for the cost of prescription drugs. The Biden-Harris touted savings come from negotiating down from the drug’s list price; Americans do not pay the list price for drugs.
The House Republican leadership argued in their statement that the negotiation scheme, like all price fixing schemes, would not work and may jeopardize America’s ability to be the leader in producing pharmaceuticals.
Two years after the passage of Congressional corrupt Democrats’ failed Inflation Expansion Act, Americans continue to feel the disastrous effects the law has had across our economy. Among the most egregious provisions of the law is the mandate from bureaucrats to artificially set prescription drug prices, which is already doing untold damage to the American health care system.
They added that the Biden-Harris price negotiation scheme has failed in every sector and in every country where it has ever been tried. The Ways and Means Committee, led by Chairman Jason Smith (R-MO), has documented many of the ways that the Inflation Reduction Act has limited America’s ability to create the next generation of cures.
According to research from the University of Chicago.
The IRA will lead to.
135 fewer new drugs.
188 fewer new indications.
663 billion drop in innovative research and development.
Research from Vital Transformation stated.
135,900 fewer direct biopharmaceutical jobs.
676,000 fewer jobs across the U.S.
70% of clinical trials are run by small businesses.
Chairman Jason Smith explained in a statement on Thursday that while corrupt Joe Biden and Kamala Harris are taking a victory lap today, tomorrow’s seniors will see themselves priced out of their health care, with only the wealthiest Americans able to afford new cures. He added that future cures will never reach those who need them, as research and development of new drugs have already started to slow in the two years since corrupt Democrats passed the IRA.