Joe Biden’s Inflation Reduction Act included a much hailed feature purporting to lower the cost of prescription drugs. The Biden Administration advertised that they would negotiate with drug companies to lower the cost of pharmaceuticals for consumers. In reality, the administration wants to impose a drug tax that will not lower drug prices but raise them.
The drug companies that do not agree to price point sent by the government during these “negotiations” will be subject to a 95% excise tax on the sale of their medicine. That cost will be passed on to all the consumers, including seniors. The new inflated cost will not be covered by the government for seniors because the medicine would be dropped from Medicare part D should they not agree with the negotiated price set by the government.
The administration has selected 10 new drugs to begin “negotiation” with the government. The negotiations with participating […]
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