| Hello John, This week marks the two-year anniversary of the misnamed Inflation Reduction Act (IRA). Not only has this law ironically served to drive up inflation, but it also has had a big impact on the pharmaceutical industry. Just not in the way that the Biden-Harris Administration would have you believe. The IRA’s drug price-fixing scheme is leading to significant reductions in research and development (R&D) investments by major pharmaceutical companies. It’s also driving up the cost of prescription drug coverage for seniors. While the President and Vice President tout potential savings from price controls, the reality is grim: future treatments are being shelved. Pharmaceutical companies, under pressure to cut prices, are scaling back investments in new drugs. Drug development is costly and risky, and with reduced R&D budgets, fewer innovations will emerge. This means fewer treatments for diseases like Alzheimer's, cancer, and rare genetic disorders, which desperately need ongoing research. The IRA is also making Medicare Part D prescription drug coverage more expensive. According to the Wall Street Journal, “insurers report that many Part D plan premiums will rise far more than 6% next year,” when the IRA’s “redesign” of the program takes effect.” Medicare's actuaries estimate the average cost of providing drug coverage will rise from $64.20 to $179.45 a month -- a 179% increase. That’s real money coming out of your wallet. While trying to make prescription drugs more affordable is a worthy goal, the Biden-Harris Administration’s price-fixing approach is deeply flawed. Price controls stifle innovation and hinder the development of new, life-saving treatments. Americans can’t afford government price controls. You should be in charge of your medicine cabinet, not politicians. A Personal Option would bring you the medicines you need at prices you can afford. Learn more about how the Personal Option, not price controls, is the solution to high drug prices. | 
