President Biden recently unveiled a new executive order on “Promoting Competition” in the U.S. economy. Though the executive order is purported to ‘up our game’ – its health care recommendations plainly drop the ball. If Biden’s agenda is enacted as articulated, it would put American medical innovation at enormous competitive disadvantage – and carry especially devastating consequences for our most vulnerable populations, including seniors.
Biden’s EO states, “It is also the policy of my Administration to support aggressive legislative reforms that would lower prescription drug prices, including by allowing Medicare to negotiate drug prices…”
First, the idea that Medicare plans don’t already aggressively negotiate drug prices with manufacturers is simply untrue. Biden knows this well, so what he is calling for is not merely a seat at the table — but rather, the aggressive enforcement of government-set prices on new medications and cures.
The far-left’s desire to enact-and-enforce this new price control regime is exemplified by the AARP-endorsed “the Lower Drug Costs Now Act,” or H.R. 3, a disastrous piece of legislation that enriches Big Insurance while having devastating consequences for the same seniors AARP claims to represent. Why? Under the price controls this legislation imposes, manufacturers would be forced to