Everyone says they want lower drug prices
Everyone wants lower prices for prescription drugs. Every politician says they want it too.
Minnesota Attorney General Keith Ellison is the latest. On Wednesday, he unveiled a task force report that makes 14 recommendations to accomplish the goal. State lawmakers already are considering some of the ideas.
President Trump has routinely decried the high price of medicines. House Speaker Nancy Pelosi has put forth a plan. Members of Congress have dozens of ideas, many with bipartisan support.
It is said that drug company lobbying and campaign contributions are holding things up. But if the vast populace wants lawmakers to take action, why would politicians let the drug companies stop them? The populace has the votes.
We believe the truth is twofold. First, drug firms are not above seeing what the market will bear when they set prices. We live in a market-based society. And there is major benefit to it: astonishing research and development that creates wonder drugs that many people rely on. Second, politicians know that regulating drug prices means slowing or stopping those amazing success stories. Yet their constituents want lower drug prices. The politician’s solution: “I’m working on it.”
Citizens will have to decide if they are satisfied with the current quantity and quality of medicines, and willing to let lawmakers put the clamps on drug-makers to lower prices. If so, there will be consequences. That is the high price of regulation.