Medicare will impose price controls on prescription drugs for the first time when the calendar flips to January. Even before those controls formally take effect, the damage is already being done. The scheme has begun to hollow out America’s biomedical research ecosystem.
Patients will pay the price — in the form of fewer new therapies for disease, particularly cancer.
The price-control gambit was enacted as part of the Inflation Reduction Act, which a Democrat-controlled Congress passed on a party-line vote and then-President Joe Biden signed into law in August 2022. The law empowers the federal government to set the prices Medicare pays for a steadily expanding number of prescription medicines.
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