IT Blog

Congress is again attempting to control the overwhelming cost of drugs in the United States. Last week, government committees revived conversations about House Resolution 3 (H.R.3)—a bill that, if enacted, would give Medicare the ability to negotiate drug prices, cap out-of-pocket spending on medications, and fine drug manufacturers for increasing drug prices faster than the rate of inflation. The main argument against the bill is that it will curb drug industry profits, therefore limiting the industry’s ability to invest money in what it does best: innovating.

So do Americans have to sacrifice innovation to get cheaper drugs?

H.R.3 was first introduced in 2019 and passed in the House that same year. It was then forwarded to the Senate where it languished. In April, it was reintroduced in the House with President Joe Biden voicing support for allowing Medicare to negotiate drug prices. The bill would extend those negotiated drug prices to private health payers. The bill was…