WASHINGTON--(BUSINESS WIRE)--Today, Citizens Against Government Waste (CAGW) named Speaker Nancy Pelosi (D-Calif.) October 2019 Porker of the Month for pushing a partisan drug pricing bill that will implement dangerous price controls.
Speaker Pelosi claims H.R. 3, her Lower Drug Costs Now Act, “will lower the cost of healthcare” by giving government the power to “negotiate” drug prices. In truth, the bill would give broad power to the Health and Human Services Secretary to negotiate prices of as many as 250 drugs that lack price competition in Medicare and the private healthcare market. The bill also adopts foreign price controls by setting prices for cutting edge drugs based upon what other countries pay for them. If a drug company does not accept the government’s price, it will be taxed up to 95 percent on those medicines. This is not “negotiation,” it is extortion.
CAGW President Tom Schatz said, “Instead of lowering the cost of healthcare, Speaker Pelosi’s drug pricing bill would impose some of the most onerous mandates ever contemplated on any industry. Foreign countries’ price controls have devastated their drug research. H.R. 3 will also destroy American biopharmaceutical development of innovative medicines that are tackling serious diseases like Alzheimer’s, cancer, diabetes and Parkinson’s disease. Speaker Pelosi’s partisan bill developed behind closed doors is government intervention on steroids and espouses the socialist view that big government knows better and should control every industry. American patients should be outraged that Speaker Pelosi is putting American innovation and the entire healthcare system at risk by implementing to price controls. H.R. 3 is the wrong prescription to lower drug costs and must be rejected.”
Citizens Against Government Waste is a nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government. For more than two decades, Porker of the Month is a dubious honor given to lawmakers and government officials who have shown a blatant disregard for the interests of taxpayers.