INTERNATIONAL REFERENCE PRICING
There is talk among leaders in Washington of resetting Medicare drug prices based on an international price model index. This means foreign governments (not the United States) would determine the prices of our prescriptions sold under Medicare – leading to shortages, delays, and a loss of innovation.
Price-control approaches have a history of causing more harm than good. When the government dictates how much we should pay for our prescriptions, not only does the taxpayer bear the brunt of that change but American patients suffer as well.
We can’t afford to take more decision-making power away from doctors and patients alike. A market-based approach to healthcare provides patients with faster access to medicines than in countries who engage in international reference pricing. A hands-off government approach gives pharmaceutical researchers the freedom to pursue innovation within their industry and lead our healthcare system forward.
Our country should be encouraging alternative market-based approaches that will encourage this kind of innovation, leading to lower prices and greater access to the medicines we need. A spoonful of bigger government will only slow our access to prescription drugs and hurt our patients, our economy, and U.S. taxpayers across the board.