Jackson Purchase News

U.S. Senate Republican Leader Mitch McConnell (R-KY) spoke out on the Senate floor criticizing the Biden Administration's approach to prescription drug pricing. McConnell referred to the Administration's actions as "prescription drug socialism" and expressed concerns about the negative impact it could have on medical innovation and patient access to treatments.

McConnell stated, "Last week, the Biden Administration rolled out the second wave of guidance in the price-fixing scheme it calls the Medicare Drug Price Negotiation Program. But as I said the first time around, the word ‘negotiation’ is doing a lot of work in that name."

He continued, "Calling Administration bureaucrats’ strong-arm tactic a ‘negotiation’ is like calling jury duty a paid vacation! What we’re really talking about here is prescription drug socialism."

McConnell highlighted the consequences of price-fixing, stating, "The underlying problem with price-fixing is that it simply doesn’t work. When the federal government pre-determines outcomes, it kills the incentives that prompt innovators to bet big on cutting-edge research and development."

He warned that such measures could stifle innovation and potentially prevent the development of new life-saving treatments, ultimately harming American patients, especially seniors.

McConnell emphasized the importance of encouraging innovation in the pharmaceutical industry and expressed concerns that government intervention could hinder progress in developing crucial medical advancements.