Price Controls on Drugs Won’t Help Seniors

The availability of a new drug or treatment could mean the difference between managing one’s health or falling ill. As a senior, I know firsthand that health is tricky as you age which is why my Medicare plan has been pivotal in helping me access the medicines I need. Not only does my plan provide me access to medicines to help me fight common ailments, but it also assures me that I can access care for any serious illnesses I may encounter. However, this could be jeopardized if policymakers get what they want and implement price control policies within the Medicare Part D program.

Nearly 48 million Medicare beneficiaries signed up for coverage for these exact reasons. They chose their health plans because it provides them access to a number of drugs. If one drug doesn’t work, they often have the flexibility to try another one and see if it better manages their condition.

Nonetheless, policymakers want to impose a one-size-fits-all approach to Medicare. While price control policies, in theory, sound good, they would be more like health controls than anything. Under price controls, if Medicare decided a medicine was too expensive, they could cut it from its formulary, constraining beneficiaries’ use of the treatment.

The implications of price control policies don’t stop there. The Congressional Budget Office (CBO) estimated the policy would reduce the number of drugs coming to market. These would likely be the drugs to treat heart disease, Alzheimer’s, or diabetes – some of the most common health problems in the elderly.

If we are comfortable accepting where science is and are not concerned with future innovation of lifesaving and life-changing treatments and drugs, then price controls are ideal. However, a recent survey found that most seniors are not willing to accept this fate and fear price controls would jeopardize the number of new drug discoveries in the future. These same seniors were also concerned with policies limiting the number of drugs and treatments currently available to patients.

Unfortunately, government drug price negotiations (the more palatable description of price controls) have become a political talking point in Washington. Congressmembers aren’t the only ones tossing around price control policy ideas. President Biden has called on lawmakers to pass these reforms numerous times, including during his State of the Union. As they echo support for price control policies, I ask them, what is the true cost and who pays the cost? I submit it is America’s seniors!

The good news for lawmakers is that there are policies seniors support and want passed. One of those is implementing out-of-pocket caps on drug costs which would benefit the Medicare beneficiary directly and not be a heavy-handed approach like price controls that poses a threat to the entire prescription drug ecosystem.

We’re edging out of a pandemic that has placed a serious toll on seniors. Many were forced to cancel doctor appointments and give up medicines out of fear of leaving their homes and catching COVID-19. However, we see the light of an end to the pandemic, so now is the time to prioritize getting these seniors back in good health.

Fewer medications would make this objective much more difficult for patients and providers. I implore lawmakers to listen to seniors’ perspectives and focus on how they can make it easier for them to live healthily. Lowering drug prices for all is a great objective but price control policies aren’t the way to achieve this goal.

Thair Phillips is the Spokesperson for Seniors Speak Out, a resource for seniors, caregivers, and advocates.