Across the pond, Brits are demanding their next prime minister do something to reduce the U.K.’s notorious cancer death rates. But here in the U.S., Democrats are doing the opposite. They’re pushing for European-style price controls on drugs that will slow cancer cures and lead to more deaths. Americans enjoy the highest cancer survival rates in the world—but maybe not for long.
Democratic Sens. Chuck Schumer and Joe Manchin call their legislation the Inflation Reduction Act. Don’t let the title fool you. The bill cripples the ability of drug companies to develop new cures. It should be called the Lifespan Reduction Act.
The bill empowers the federal government to impose price controls on top-selling brand-name drugs, starting in 2026. Virtually all health experts agree these price controls will discourage innovation.