Jackson Purchase News

WASHINGTON, D.C. – U.S. Senate Republican Leader, Mitch McConnell, expressed his concerns today on the Senate floor about the Biden Administration's push for prescription drug socialism.

McConnell highlighted that next week, the medical innovation sector in the United States will face a critical deadline under the Democrats' Inflation Reduction Act. Companies responsible for major treatments, ranging from arthritis to diabetes to cancer, will have to decide whether to participate in a 'negotiation program' led by federal bureaucrats, pay hefty fines, or remove their drugs from the market.

The Republican leader emphasized that the devil lies in the details, with the so-called negotiation being far from what it seems. The Inflation Reduction Act allows the Biden Administration to reject any counteroffers and unilaterally set the maximum drug prices, giving unelected bureaucrats an unprecedented level of control.

Contrary to the Biden administration's claims that this policy will result in cost savings and cheaper treatments, McConnell argued that it will have the opposite effect. He stated, "this so-called 'negotiation' with unelected bureaucrats will ensure that fewer life-saving treatments make it to the market in the first place."

McConnell also drew attention to the detrimental impact of the price-fixing scheme on cancer research funding. According to estimates, the Biden Administration's plan would eliminate nearly nine times the funding for cancer research that was provided by the 2016 Cancer-Moonshot Initiative and the 21st Century Cures Act, which McConnell worked on alongside then-Vice President Biden.

Highlighting the real-world consequences of such regulations, McConnell mentioned that several companies had already announced discontinuation of research into cancer and other diseases due to concerns about the impact of Democratic regulations.

In conclusion, McConnell warned that the Biden Administration's approach to prescription drugs would hinder the development of life-saving cures. He stated, "The American people deserve better than prescription drug socialism."

For more information, please visit https://www.senate.gov/.