Commentary

Biden’s Drug Price Controls Already in Legal and Political Jeopardy

By Timothy H. Lee
Thursday, June 15 2023

Joe Biden apparently assumed that the drug price control provisions of his “Inflation Reduction Act” (IRA) offered a political slam-dunk in the leadup to the 2024 presidential campaign. Although price controls violate immutable economic principles and maintain an unbroken record of failure across time and geography, they somehow retain a deceptive and stubborn allure. On both the legal and political popularity fronts, however, Biden’s scheme already faces potentially devastating challenges. On the legal front, two new federal lawsuits spearheaded…

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