Senator and presidential-hopeful Elizabeth Warren (D-Ma) has made headlines in recent weeks by releasing the details of how she would fund her vision of Medicare-for-All. But far from the headlines, and hidden deep in her 9,000 word blueprint, lies her plan to put a stop to American medical innovation. By strong-arming innovators and removing all incentives to do medical research in America, Senator Warren's ambitions would poison the development of life-saving medication to the detriment of consumers across the country.
As part of her ambition to provide Medicare-for-All, Senator Warren vows to grant federal bureaucrats sweeping new powers to negotiate prices with drug manufacturers. As one of the largest purchasers in the country, with Medicaid and Medicare Part D constituting 40% of retail drug purchases in 2017, it makes sense that the government should be able to ask for a bulk discount on prescription drugs. The problem is that Senator Warren's so called negotiations look a lot more like wholesale theft.
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