from the American Spectator:
Pelosi’s Price-Control Prescription Would Cost American Lives
Under Pelosi’s “Lower Drug Costs Now Act,” the federal government would identify the 250 most expensive drugs every year and “negotiate” prices for at least the top 25. The negotiations, however, would be rigged. The bill forces a pharmaceutical company to accept a price for its drug that is no more than 1.2 times the average price of that drug in the countries of Australia, Canada, France, Germany, Japan, and the United Kingdom. If a company refuses to enter into negotiations for its drug, the federal government will impose a punitive excise tax of 65 percent on the gross sales of the drug. That tax will increase by 10 percent every quarter until it reaches a maximum of 95 percent.
The governments in many foreign countries first decide whether or not a drug is cost-effective before they will agree to pay for it. Then they force drug manufacturers to negotiate prices. This means that patients often wait months, if not years, to get access to new drugs. Sometimes they don’t get access to them at all.
A report by the Galen Institute found that Americans had access to 89 percent of new drugs released worldwide from 2011–18. By contrast, Germans had access to only 62 percent, the French 48 percent, and the Japanese 50 percent. The disparities were similar for cancer drugs. While the U.S. had access to 96 percent of new cancer drugs during that time period, Germany had access to only 73 percent, France 66 percent, and Japan 50 percent.