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Biden’s Drug Price Controls Have Backfired

One of the truly idiotic provisions in the Inflation Reduction Act was a requirement that manufacturers rebate back to Medicare any annual price increase above the rate of inflation.

So what are drug companies doing? They’re putting the new drugs on the market at much higher prices – since the government regulates how much they can raise the prices in the future:

Sorry, Joe, this strategy isn’t lowering drug prices. It’s raising them.

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