Democrats' plans for drug price controls will hurt, not help Americans by squelching innovation and cures

We are entering the most exciting time of biomedical innovation and advancement in American history.
However, this progress will be erased if Congress passes government drug price controls, which will end the promise of innovation and prevent patients from seeing the benefits of the next generation of cures.
Of the 460 new medicines approved globally since 2012, 85% are available to Americans compared to just 59% in U.K. and 44% in Canada.
Of the 123 new life-saving cancer drugs, 93% are available in the U.S. compared to just 69% in the U.K. and 59% in Canada.
It’s baked in that, in order for government price controls to work, these countries must deny and ration care to their citizens.
Our health system needs real reforms, not feel-good gestures that create more long-term problems, and net no true savings on drug prices.
For example, the Affordable Care Act hasn’t reduced health spending, it just shifted more costs of health care to taxpayers and raised the cost of insurance for people who are insured through their employer.
Moreover, the latest reconciliation bill raids Medicare "savings" from the price control provision to pay for ACA subsidies for wealthy individuals.
Without many of these medicines, we would be spending much more on hospitalizations, and be living shorter, worse quality lives.
Unlike other health care categories, retail prescription drugs account for only 8 percent of our nation’s health spending.
While list prices have grown less than inflation, drug price negotiators have pocketed more discounts, but are forcing patients to pay more out-of-pocket.
In fact, these kickbacks for the middlemen have exceeded 50% of the list price for many prescription drugs.
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