joint meeting of Congress in the House chamber at the U.S. Capitol on March 07, 2024 in Washington, DC. This is Biden’s last State of the Union address before the general election this coming November. Biden was joined by Vice President Kamala Harris and Speaker of the House Mike Johnson . summarized his administration’s two-prong strategy to control prescription drug prices: capping out-of-pocket spending for patients and setting prices for expensive drugs.
Economies thrive on human innovations and productivity, both of which are motivated by financial incentives. Innovators and investors wouldn’t bet their effort and wealth to pursue breakthrough therapies unless they anticipate high payoffs. In contrast to, set by a small group of individuals and imposed through state’s power, lack the capacity to entice brainpower and capital flow to drive innovations as desired by all consumers.