Jackson Purchase News

U.S. Senate Republican Leader Mitch McConnell (R-KY) criticized the Biden-Harris Administration's approach to prescription drug pricing in remarks delivered on the Senate floor today. McConnell argued that the administration's policies, which he termed "prescription drug socialism," are resulting in higher out-of-pocket costs for nearly 3.5 million beneficiaries.

“One of the few details Vice President Harris has shared about her governing agenda is a pledge to implement price controls at the grocery store to end so-called ‘price gouging,’” McConnell stated. He likened this approach to Marxist propaganda and drew parallels with historical examples.

McConnell highlighted a recent study indicating that nearly 3.5 million beneficiaries would face increased costs due to the administration’s proposed pricing scheme for life-saving pharmaceutical treatments. He further criticized the administration's release of what it called Maximum Fair Prices for ten selected medicines, describing it as less of a negotiation and more of a coercive measure.

“If the dictated Maximum Fair Price is not feasible, drug makers have two choices: they can pay an exorbitant excise fee, or they can withdraw entirely from participating in Medicaid and Medicare,” McConnell explained.

He emphasized that vulnerable patients would suffer as a result of these policies, citing indications from companies like Roche and AstraZeneca that they might discontinue certain drug trials or delay launching cancer medications due to financial penalties from the Inflation Reduction Act.

Despite these concerns, McConnell noted that President Biden recently celebrated achievements under the Cancer Moonshot Initiative without addressing estimates suggesting that the Inflation Reduction Act could eliminate significant funding for cancer research. Vice President Harris also praised her role in passing this act.

“I can’t imagine that Americans facing rare disease diagnoses are as proud of that record as she is,” McConnell concluded.