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GOP Doctors Caucus Statement on Biden’s Drug Price Setting Scheme

Washington, D.C. -  The GOP Doctors Caucus co-chairs released the following statement in response to the Biden Administration’s release of the first 10 prescription drugs selected for Medicare price setting. 

“The GOP Doctors Caucus vigorously fought efforts to impose government price setting provisions included in the Inflation Reduction Act because we know the costly tradeoffs for patients: fewer innovative treatments and limited access to new cures for the sickest patients. Today’s release of drugs subject to government price setting is nothing to celebrate, as the Congressional Budget Office (CBO) predicts the Biden Administration’s drug price setting schemes will lead to higher launch prices that will in turn raise the cost of prescription drugs for all Americans.  

“Due to Biden’s policies, over 130 new drugs may no longer benefit patients, including drugs that treat blood cancers and ovarian cancer, according to a University of Chicago study; and Biden’s price setting scheme will kill about $18.1 billion in annual spending on cancer research and development, according to a study by University of Chicago economist Tomas Philipson.  

“We should move away from this disastrous drug price setting scheme and work together on bipartisan solutions to lower prescription drug costs.”