WASHINGTON — Speaker Johnson, Leader Scalise, Whip Emmer, and Chairwoman Stefanik issued the following statement after the Biden-Harris Administration announced prescription drug price controls mandated by the so-called “Inflation Reduction Act.”
“Two years after the passage of Congressional Democrats’ failed Inflation Expansion Act, Americans continue to feel the disastrous effects the law has had across our economy.
“Among the most egregious provisions of the law is the mandate from bureaucrats to artificially set prescription drug prices, which is already doing untold damage to the American health care system. Patients are seeing fewer choices, higher prices, and fewer cures, while the American pharmaceutical industry — which currently leads the world in the development of new medicines — is now in jeopardy of losing its competitive advantage on the rest of the world.
“Make no mistake, price fixing has failed in every sector and in every country where it has ever been tried. The Biden-Harris Administration says it wants to lower prices for families, but their prescription drug price fixing scheme has accomplished just two things: driving up health care costs and crushing American innovation in medicine.”