Big Pharma has a legislative blitz to prevent Medicare from negotiating drug prices.
Getting spending on Social Security, Medicare, and Medicaid “under control” is at the top of all the budgeteers’ agenda. While the intention sounds reasonable, spending on these programs is not out of control.
In contrast, spending on healthcare programs is slated to rise from 6.5% of GDP in 2023 to 10.1% in 2053. Why is that? A bit of the increase is from population aging, but the bulk is due to the rising cost of healthcare. The U.S. spends twice as much on healthcare as the average for the other OECD countries and has worse outcomes on key metrics such as infant mortality and obesity.
Lawsuits filed by the companies claim that forcing them to negotiate prices violates various aspects of the Constitution . According to the companies, the whole process is equivalent to an unjust taking of property, which is prohibited by the Fifth Amendment, and requiring companies to agree in writing that they are negotiating a fair price violates the First Amendment’s guarantee of free speech.
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