Education and Labor Committee Republican Leader Virginia Foxx (R-NC) spoke on the House Floor on how Democrats’ so-called Build Back Better Act will reduce the availability of new drugs and cures for diseases.
“The federal government cannot be given the ability to police innovators who create lifesaving products. Top-down, government-imposed drug pricing would eliminate consumer choices, jeopardize future cures, and ultimately lead to socialized medicine.
“The United States invents approximately two-thirds of the world’s new medicines. Our system encourages private investments which spur innovation. This is something we should be proud of and encourage, not curtail.
“But under the Democrats’ radical Build Back Better Act, new drugs and cures for diseases like cancer and diabetes would be reduced.
“Price controls will lead to reduced access for patients and will set a dangerous precedent. If the federal government has the authority to dictate the cost of prescription drugs, what else will it decide to set prices for?”
Watch the full video here.