Washington, D.C. – The Taxpayers Protection Alliance (TPA) is deeply troubled by the drug pricing provisions the Biden administration is trying to keep in the so-called Build Back Better Act. These provisions would do great harm to the healthcare market in the U.S.
In response, TPA President David Williams offered the following comment:
“Over the last two years, the pharmaceutical industry has demonstrated its importance in society by developing multiple life-saving vaccines in record time. Instead of recognizing the success of a hands-off regulatory approach, which allows them the resources they need to research and invest, the provisions in the Build Back Better Act would stifle the industry with restrictive price controls.
“These price controls and government penalties would inhibit the ability of pharmaceutical companies to accurately forecast their markets. This would leave them flying blind when it comes to decide where to invest time, energy, and money. This will slow the release of new cures, make them less widely available when they are released, and limit competition in the market place. This would be a disaster for patients, caregivers, and families across the nation.
“America’s taxpayers expect their leaders to pass reforms that have broad support and have been appropriately vetted—not massive overhauls that have circumvented the legislative process. President Biden and Democrats must halt the dangerous drug pricing provisions they’re jamming into the Build Back Better Act and instead focus on a plan to lower drug costs that goes through the proper channels and has the support of both sides of the aisle. Instead of price controls, Congress should reform the Food and Drug Administration to allow more life-saving drugs come to market. ”
Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.