Question

What do you think of the proposed legislation concerning drug prices? Do you feel regulating the industry will ultimately lower prices for the patient?

Answer 1

Ans) The biopharmaceutical industry is one of America’s leading sectors in terms of funding research and employing researchers. Public policy should try to encourage its growth and protect its competitiveness.
- Academic studies consistently show that a reduction in current drug revenues leads to a fall in future research and the number of new drug discoveries. Policymakers need to keep this cost in mind when setting any policies that affect drug revenues.
- Congress could lower drug prices by expanding access to affordable insurance, streamlining regulation, especially for the manufacture of approved drugs, encouraging other countries to pay their fair share of the cost of developing new drugs.