| New Jersey advertises itself as the “Medicine Chest of the World.” Nine of the largest drug companies in the nation are either headquartered in, or have major operations clustered in the Garden State. (See list below.)
State officials boast that we are “proud champions of the life sciences industry.” Oh REALLY? Apparently, no one sent that memo to the two Democratic NJ senators in Washington: Cory Booker and Bob Menendez. We reported on Friday that the major “pay for” in the Democrats’ latest scheme to pass another budget-busting Build Back Better spending bill is to impose price controls on American pharmaceutical companies. Chuck Schumer thinks he can squeeze as much as $250 billion over the next decade out of “Big Pharma” with these drug price caps. Obviously, the biggest loser from drug price controls will be Americans with diseases ranging from cancer to Parkinson’s to Alzheimer’s. Capping prices on life-saving drugs means less innovation and delays in bringing new wonder drugs to market. Drug price controls literally kill people. The state that would be the biggest loser here is New Jersey. Yet, at this moment, we are told that both NJ senators, Cory Booker and Robert Menendez are yes votes for this attack on their home state industry. This would be like Texas senators voting against oil, Idaho senators voting against potatoes, and Michigan senators voting against cars. We would strongly recommend that if this bill passes with New Jersey’s senators providing the critical votes needed (every Republican will vote no), it’s time for America’s top drug companies to find a new home base – like Texas, Florida, or Nebraska.
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