With the rallying cry of corporate greed, each year of the Biden-Harris administration has brought successive government interventions in the healthcare system — broadly directed at the life sciences industry including large companies employing thousands of Americans, entrepreneurs, and the many creative, scrappy small businesses driving revolutionary innovation. Through one-size-fits-all administrative actions and partisan legislation, the Biden-Harris administration has both stifled innovation and made it harder for new drugs to reach patients.
The Biden-Harris administration’s push [for] the 2022 Inflation Reduction Act brought about an approach that many economists thought had died, while others warned was rising anew: centralized price regulation. Administrative pricing and inflation rebates for pharmaceutical product manufacturers resurrected a dangerous centralized “command and control” economic model.
While government, congressional oversight, and independent experts are evaluating the scale of the IRA’s negative impact on innovation and development, other consequences remain to be understood. A static policy intervention in a market desperate for dynamism, the IRA’s expected savings [are] already estimated as less than originally projected.
