Call Congress to Oppose H.R. 3, Pelosi’s Draconian Drug Bill

Call Congress to Oppose H.R. 3, Pelosi’s Draconian Drug Bill

In the upcoming days, committees in the U.S. House of Representatives will discuss H.R. 3, Speaker Nancy Pelosi’s radical prescription drug pricing bill that would impose a tax of up to 95 percent (!) on hundreds of prescription drugs. This draconian bill would also, impose government price controls that would decimate innovation and distort supply, leading to the same lack of access to the newest and best drugs for patients as in other countries that impose these price controls.

Unfortunately, Speaker Pelosi has chosen a tactic that works better as a soundbite (“cheaper drugs!”) than as an actual plan to help Americans with their healthcare needs. Indeed, her plan ultimately would hurt the very people she should be seeking to help—people with limited means and challenging healthcare issues.

Artificially limiting prices would limit the amount of investment in drug research and development, which in turn would result in fewer new cures being available to the people who need them most. The bottom line: Price controls result in people dying unnecessarily. This idea has been borne out in empirical analysis: Price controls distort the market, potentially driving investment away from where it would yield the most good for society.

Instead of imposing laws that would restrict the availability of drugs and reduce incentives for drug companies to invent new therapies, Congress should seek to provide incentives to create more competition and to bolster research and development.

A coalition of 70 groups and thought leaders, including the Trade Alliance to Promote Prosperity, has written a letter to Congress to oppose the Pelosi prescription drug plan. (Read the letter here.)

We urge all Americans to contact their U.S. Representatives to voice strong opposition to H.R. 3. 

The U.S. House Telephone: 202-225-3121