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Arlington, Va. – Today, Americans for Prosperity issued a statement ahead of President Joe Biden’s planned remarks around the need for legislation that reduces the cost of prescription drugs.
“Despite recent modifications, the proposed drug price controls in President Biden’s multi-trillion spending bill will have deadly consequences,” said Dean Clancy, Senior Health Policy Fellow at Americans for Prosperity. “The bill would result in 135 fewer new potential lifesaving cures for Americans, generating a loss of 331 million life years – more than 30 times larger than what the pandemic has caused. Contrary to rosy claims from price control supporters, this bill would throttle medical innovation by cutting private R&D by $663 billion. Congress should reject this misguided legislation and work to reduce prices instead through a personal option that gives Americans a greater supply of affordable drugs to choose from.”