(PresidentialHill.com)- The decision by President Joe Biden to limit medicine pricing may have scuttled US hopes of finding a cancer treatment within the next quarter of a century. Forbes published an essay by healthcare policy analyst and Pacific Research Institute president Sally C. Pipes on February 8, outlining the issue.
President Biden delivered his annual State of the Union address. He was speaking in favor of a section of the recently enacted Inflation Reduction Act that effectively capped the price of some prescription medications.
Biden assured that you might rest easy knowing that your health care expenditures are being brought under control. He signed the Inflation Reduction Act into law.
Pipes contend that this approach would not only fail to save people money at the pharmacy but will also lead to the termination of research and development into novel treatments and medicines for illnesses like cancer.
The “Cancer Moonshot,” which Biden launched as vice president in 2016, aims to reduce cancer mortality worldwide by at least 25 percent over the next 25 years.
Pipes claims that the president’s attacks on the pharmaceutical industry’s perceived avarice have rendered the original plan untenable.
As part of his State of the Union speech, President Biden mentioned the billions of dollars in revenues gained by the pharmaceutical industry during the pandemic.
In his address, the president failed to mention that it costs billions of dollars to fund the discovery and development of new medicines.
The Inflation Reduction Act pricing controls betray an appalling naiveté regarding the economics of medication R&D. Pipes estimated that it may take as much as $2.8 billion to bring a new medicine to market.
For the sake of creating a potentially life-changing medicine, investors are ready to take a chance on studies with a roughly 10% success rate. Paydays like that are threatened by the Inflation Reduction Act. However, this ensures that fewer novel, effective, and maybe curative medicines will be available to patients in the present and future.
Pipes lamented that patients won’t realize the worst repercussions of these policies until long after Biden has left office and his Cancer Moonshot has fizzled.