Dear Speaker Johnson, Leader Jefferies, Leader Schumer, and Leader McConnell:
As you know, a Democratically-controlled Congress passed and President Joe Biden signed the so-called “Inflation Reduction Act” in summer 2022. Along with a super-sized IRS, multiple down payments on the Green New Deal, and Obamacare subsidies to bail out that failed program, President Biden’s signature law created a new government price control on prescription medicines enforced by the threat of a 95 percent excise tax on the same drugs.
This price control is called a “negotiation” by proponents of the law, but there is no actual choice involved. A drug manufacturer must submit to the government-imposed price control, or subject sales of that drug to a confiscatory 95 percent excise tax. That is no choice at all. Robust negotiation and competition requires the ability to say “no.”
Read Full Letter: https://aapsonline.org/wp/wp-content/uploads/2023/12/95-Letter-Final-12-2023.pdf
