Joe Biden's Price Controls on Prescription Drugs

WSJ Opinion: Potomac Watch

The Wall Street Journal

News, Society & Culture

4.2 • 2.8K Ratings

🗓️ 30 August 2023

⏱️ 23 minutes

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Summary

The president announces the first 10 drugs for which the government will "negotiate" prices under the Inflation Reduction Act. What will this do to the incentive to develop new cures and launch generic alternatives? Plus, the plan faces legal challenges over whether the threatened penalty of a 1,900% tax is constitutional. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You know your favorite superheroes now.
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0:30.1	From the opinion pages of The Wall Street Journal, this is Potomac Watch.
0:38.8	The Biden administration announces the first prescription drugs that will be put under price
0:43.7	controls via the Inflation Reduction Act.
0:46.8	But how will this affect drug development and is it constitutional?
0:50.9	Welcome, I'm Kyle Peterson with The Wall Street Journal.
0:54.1	We are joined today by my colleagues.
0:56.3	columnists Alicia Finley and Kim Strassel.
0:59.6	The Inflation Reduction Act requires the federal government to negotiate, quote, unquote,
1:05.4	prices for top drugs in Medicare, starting with 10 this year and reaching 60 by 2029.
1:12.8	And on Tuesday, President Biden announced the first 10 drugs to go under those price controls.
1:18.1	Here is a piece of what he said.
1:20.1	Big Farmer doesn't want us this to happen, as you might expect.
1:24.0	Last year, the industry spent $400 million in lobbying fees to try to stop the Inflation
	...

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