The retail pharmacy market is competitive. If we set retail pharmacy prices, the industry would still object to this bill. Second, the industry says our bill will force them to cut back on research and development. But they won't. Those pharmaceutical industry profits are connected to patents.
Patents run out.
Only research and development allows this industry to keep ahead of the generic drug manufacturers. Third, the industry says that the bill imposes price controls. But it doesn't. It just uses the buying power of the federal government to stop pharmaceutical industry price discrimination against older Americans. Fourth, the industry says seniors need a prescription drug benefit under Medicare, and they are right.