We must protect against short-sighted policies that would reduce biopharmaceutical innovation.
Biomedical innovation is a national strategic resource. Inventing new medicines is how we will save lives and money in the long run. Price controls on new medicines will kill the incentives for biopharmaceutical innovation and increase healthcare spending.
Arbitrarily cutting the expected future price of a new drug could reduce its value to the point where the seed of its invention is not worth planting with investment resources. No investment means a drug never gets developed and patients remain without hope of better treatment or cures.
Worse still, drug price controls fail to solve patient affordability.
You can learn more how price controls kill innovation here.