It can be frustrating watching the government double down on healthcare policies that are failing the American people, especially older adults. Time and time again, lessons are not being learned, almost as if the dangers on the road we are going down are being entirely ignored. Blind to the most essential needs of older Americans, our leaders are instead continuing with policies against their interests.
The Inflation Reduction Act’s (IRA) Drug Price Negotiation Program is the most recent exhibit of the government’s blindness and is set to soon go into full swing. Though there are some positive aspects of the law, namely a cap on out-of-pocket costs, embedded in the IRA is a drug price scheme that would essentially mandate the price of Medicare drugs which would detrimentally impact the future of drug development. Although this proposal may seem well-intended, the residual effects of these price controls negatively outweigh most potential benefits. Both access and medical innovation are on the chopping block thanks to the IRA, as those that create the drugs older Americans rely on under Medicare Part D will be forced to cut costs and reduce output to meet government demands.
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