Reject Price Control Expansion

In the midst of the Democratic National Convention, the Biden-Harris Administration’s support of prescription drug price control policies has become evident once again. According to the DNC Platform, Democrats want to add “at least” 50 medicines a year to the price-control list, getting to 500 by the end of the decade. This is ridiculous, considering that there are not even 500 branded medicines in existence that qualify for price controls.

Lowering the price of drugs may sound beneficial at first blush, but the negative effects of price controls far outweigh the positive. TAPP has highlighted the repercussions of price controls many times.

Price controls lead to drug shortages and limit patient access. In recent years, shortages of treatments including cancer drugs, asthma medication, hormones, and children’s pain medication have become all too common. Maintaining access to treatment and cures is of the utmost importance.

In addition to restricting patient access, price controls would lead to less innovation as well as less research and development. Without a reasonable expectation of recouping their investment, companies would stop funding innovation. 

Between limited patient access and reduced research and development, price controls would result in America losing its global edge in the medical industry. Americans have grown accustomed to the fastest access to treatment available while patients in other countries literally die waiting for treatment. If we continue on the path of instituting price controls, foreign nations will surpass America as the world’s most advanced medical country.

This is why TAPP urges the Biden-Harris Administration to abandon plans to impose price controls on prescription drugs.