In the past few months, prices of everything from groceries to gas have skyrocketed, making it harder for many people to make ends meet. Just over a year ago, the COVID-19 pandemic forced me to miss weeks of work, put my financial future into doubt, and turned my life upside down. All the uncertainty and instability of the pandemic put a lot of financial stress on me and my family.
When I heard that President Biden was considering implementing prescription price setting policies to try to combat this rising inflation, I was confused. Pharmaceutical companies helped get us out of the pandemic, why would we want to limit their ability to invest in new research and cures?
The need to get our economy back on track is clear, but these price setting policies just aren’t the answer. They affix targets to the backs of the wrong people, potentially limiting future pharmaceutical innovation while doing little to address the root of inflation. It just doesn’t make sense.
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Disclaimer: As submitted to the Arizona Daily Star.