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Utah Life Sciences News & Events

Senator Mike Lee Introduces Bill to Roll Back Government Drug Price Controls

October 13, 2022

Senator Mike Lee (R-UT) has introduced the “Protecting Drug Innovation Act” which would roll back Medicare’s authority to set drug prices through a new punitive negotiation program. This government price-setting policy was a key component of the Democrats’ “Inflation Reduction Act” (IRA).

The non-partisan Congressional Budget Office has estimated that the IRA’s drug pricing provisions will result in fifteen fewer life-saving drugs over the next 30 years. A recent report by the congressional Joint Economic Committee concludes this could result in the equivalent of up to 1.9 million people losing a full decade of life over the 30 years.

“Mandating fixed prescription drug prices will ultimately result in the shortening of American lives,” said Lee. “It’s time we address what’s driving the cost of prescription medications and adopt a regulatory environment that works to everyone’s advantage.”

Lee’s bill reflects concerns that BioUtah along with Utah patient groups and investors raised in an August letter to the Utah congressional delegation 

For full text of the bill, click HERE.
For full text of the JEC’s report, click HERE.
For a one-pager of the bill, click HERE.