Prescription Drugs
With Congress passing, and President Biden signing, the Inflation Reduction Act, President Biden’s signature law created a new government price control on prescription medicines enforced by the threat of a 95 percent excise tax on the same drugs. This type of government price control will lead to minimal production, scarcity of medicine, and eventually government rationing. And a 95 percent drug tax will mean a massive increase in the price of the medicine for everyone in America, along with the prospect of other harmful distortions to our healthcare system and economy.
Insights
Our President Christopher Sheeron joined 82 other free market leaders in sending a coalition letter to House Speaker Mike Johnson, House Minority Leader Hakeem Jefferies, Senate Majority Leader Chuck Schumer, and Senate Minority Leader Mitch McConnell explaining the negative consequences of the Inflation Reduction Act’s creation of a new government price control on prescription medicines enforced by the threat of a 95% excise tax.
December 5, 2023
Our President Christopher Sheeron joined 79 other free market leaders in sending a coalition letter to Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell explaining why a 95% excise tax on prescription medications as proposed in the Build Back Better Act would be harmful to patients, especially seniors, and would destroy pharmaceutical innovation.
June 8, 2022