Biden Administration’s Prescription Drug Pricing Plan Promotes Incremental Change, Not Overhaul Of System

Forbes September 12, 2021
Joshua Cohen

On Thursday, September ninth, the White Home launched a long-awaited plan to cut back prescription drug costs and out-of-pocket prices for sufferers. The plan is extra conspicuous for what it doesn’t deal with, or leaves unsaid, than what it addresses (principally) not directly and incrementally.

The report asserts that prescription drug costs within the U.S. are “too excessive,” putatively attributable to lack of competitors. The plan identifies myriad “market failures” that stop aggressive pricing of medicine from occurring. In keeping with the report, the prescription drug market displays “monopolistic or oligopolistic habits.” As illustrations, the report cites stakeholders erecting limitations to entry, corresponding to patent thickets and pay-for-delay schemes. With out elaborating, the report factors to the market working suboptimally by incentivizing record value inflation,…

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