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Biden may have just destroyed the ability to treat or cure major diseases over the next 25 years, including cancer. Sally Pipes is a health care policy expert and president at the Pacific Research Institute that said as much in a Forbes article. Pipes listened to the State of the Union. Biden is essentially putting a price cap on some prescription drugs. Promises made in that speech will result in the opposite happening.
The Biden State of the Union
“Too many of you lay in bed at night staring at the ceiling, wondering what will happen if your spouse gets cancer, your child gets sick, or if something happens to you. Will you have the money to pay your medical bills? Will you have to sell the house? I get it. With the Inflation Reduction Act that I signed into law, we’re taking on powerful interests to bring your health care costs down so you can sleep better at night.”
What Biden doesn’t realize is by going after the “greedy” pharmaceutical companies he cancels out any research and development into new drugs. That research costs a lot. It could be as high as $2.5 billion.
Cut cancer deaths
In 2016 Biden lead a program called “Cancer Moonshot” that had the goal of cutting cancer deaths by 25%. This new program obliterates that.
Yes, pharmaceuticals companies made billions during COVID. What Biden didn’t talk about was the steep cost of making those drugs.
Price caps
Pipes explained,
“The price caps in the [Inflation Reduction Act] reflect an embarrassing naïveté about the economics of drug research and development. The cost of bringing a new drug to market can be as high as $2.8 billion. That price tag is so high because drug research is risky. More than 90% of drugs that enter clinical trials fail. Investors are willing to gamble on research that has a roughly 10% success rate because the potential payoff from developing an effective therapy can be huge. The [Inflation Reduction Act] is intent on taking those paydays away. And in so doing, it’s virtually guaranteeing that patients now, and in the future, will have access to fewer innovative, effective, and perhaps even curative therapies.”
Companies are already scrapping new projects due to this. Pipes continued, “Price controls reduce the supply of goods and services in the short term —and in the long term. The IRA’s price controls will be no different. Unfortunately, many of their worst effects will be felt by patients long after Biden has left office — and long after his Cancer Moonshot has petered out.”
Focus Biden
Snippet Biden may have just destroyed the ability to treat or cure major diseases over the next 25 years, including cancer
