In any case, longtime TRC/Newswalk member Benjamin Zycher has a piece up at National Review today explaining why the feds shouldn't negotiate prices on meds.
Federal price negotiations will cause sharp price reductions, but this will yield less research and development investment in new and improved medicines over time. Recent economic analysis published by the Manhattan Institute yields projections that the effect would be a reduction of about ten new drugs per year on average, causing a loss of about five million life-years each year, valued conservatively at $500 billion annually, a sum far in excess of total U.S. spending on pharmaceuticals.
It is no mere cliché that life and liberty are always at risk while Congress is in session, and Congress in haste makes the most waste of all. The proposal for drug-price negotiations is an example of a sweeping government measure that ostensibly aims to improve public health and well-being, but will actually result in the redistribution of huge amounts of wealth from the private sector to various constituencies, without the stigma of a “tax increase.” And all that in the first hundred hours.