Dear Members of Congress: Say NO to Socialist Drug Price Controls

Some members of Congress are pushing socialist drug price controls once again.

Therefore, TAPP signed onto a letter opposing the price controls which include a 95 percent excise tax and inflation penalties on the American pharmaceutical industry.

Imposing price controls on American manufacturers would stifle medical innovation, kill jobs, and have a particularly negative effect on the health of our country’s most at-risk patients. Medical innovation is especially important now during a pandemic, and price controls would pull the plug on long-term funding for life-saving medicine research. The plan being considered in Congress would increase manufacturer liability substantially, and thereby disincentivize the development of new cures and limit doctors’ treatment options. These policies hurt American patients.

Price controls also hurt the economy. Small business would be decimated if the proposal were enacted. These price controls could eliminate more than $700 billion dollars in investments into small pharmaceutical companies. The downstream effects of this lack of investment into small pharmaceutical companies would stop many potentially lifesaving medicines from ever reaching the market and eliminate more than 200,000 jobs across the country.

TAPP calls upon Congress to oppose short-sighted drug price control policies that miss their intended mark and do more harm than good.