Memo To Biden: Don't Fall For Trump's Last-Minute Drug-Pricing Ploy
By James K. Glassman
KEY POINTS
Biden must address the cost of health care and needs a broad approach to total health care costs.
A study by Thomas Abbott and John Vernon found that "cutting prices by 40 to 50 percent in the United States will lead to between 30 and 60 percent fewer R and D projects being undertaken in the early stage of developing a new drug."
The real problem with medicines is the high out-of-pocket costs that the sickest Americans pay because of the way insurance policies are designed.
With the 2008 election over, President George W. Bush sent a firm warning to his appointees -- me among them -- not to burden the incoming administration with decisions that would be tough for the new White House to change. Our turn was over. For the nation's sake, the next president needed the chance to succeed.