President Biden’s New Budget Proposal Would Further Hinder Medical Innovation

Last week, President Biden unveiled his new budget proposal in front of Congress. The proposal calls for a rapid expansion of prescription drug provisions found in the Inflation Reduction Act. These provisions look appealing at first glance, but the consequences would be disastrous.  

The life science industry drives medical innovation and the search for new cures and medicines. Unfortunately, President Biden’s budget proposal targets this industry and hinders its ability to innovate. The proposal to expand the Inflation Reduction Act’s provisions on prescription drugs would seriously handicap the life science industry and would consequently give doctors fewer choices and patients less access to lifesaving cures.

The expansion of price controls would prevent important research and development into potentially lifesaving cures. There are ways to increase access and affordability without sacrificing medical innovation in the process. The new budget proposal misses the mark on providing real savings to Americans while also threatening innovation in the life science industry.

It must be opposed.