Biden's new prescription drug price plan will only benefit you know who
Fox News
The cost of drugs in America is far too high, but giving the government more power won't solve this problem.
Tom Price, M.D. is a former secretary of Health and Human Services and a former member of Congress. He serves as a senior health care policy fellow at the Job Creators Network.
While it may be easy to point fingers at "big, greedy drugmakers" that don’t face generic competition as the answer to America’s healthcare affordability woes, the problem is far more complicated than that, and muscling through a big-government solution that pretends it is will make things worse, not better.
It’s true that bringing generics to market is helpful to a certain extent, and the Federal Drug Administration’s slow approval of said drugs (which can often take years) is one of the many reasons that over 500 brand-name drugs don't face any competition. That’s certainly not helpful for Americans’ pocketbooks, and regulators should address this. But the unfortunate truth is that, in many respects, generic drugmakers are also very much part of the problem.