3rd District Congressman Adrian Smith says a measure intended to control prescription drug prices pending in the House of Representatives would be disastrous for Nebraska and its residents.
H.R. 3 recently passed out of the Ways and Means Committee on a party-line vote, and would create a system in which bureaucrats would determine prices for a number of drugs in the marketplace.
Smith opposed the measure supported by House Speaker Nancy Pelosi, saying the projected loss of innovation and future drug development in the industry would have a negative impact. “The state of Nebraska would be projected to lose about 2,600 jobs, and over $740 million in annual economic output,” said Smith. “To make things worse, that price-setting would actually be based on socialized medical systems in other countries as well, (and) I think that’s very problematic.”
Smith called the bill is highly partisan, and says it would also create a system that could keep seniors from accessing certain vital medications.
The Republican congressman addressed the issue during a conference call with Nebraska reporters last week.