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Joe Biden has promised to cure cancer and lower drug prices. He failed in both. His signature bill, the Inflation Reduction Act, has raised drug prices and made it difficult to cure cancer with regulations like disastrous drug penalties.
But Biden didn’t stop there. Working with extreme liberals like Bernie Sanders and Nancy Pelosi, he supported importing Europe’s disastrous drug price controls through international references or drug pricing in the most preferred country (MFN) that are merely a government-mandated price control to kill new treatments for diseases like cancer.
Patients who need groundbreaking treatments cannot afford their crazy ideas. Ask European patients. European patients must wait an average of 512 days to take new medications for cancer, Alzheimer’s and other life-threatening diseases. It’s a year and a half, and in that time you can’t get the prescription drugs you need to control your price.
And the American lifesaving drugs that Europeans have to wait for will probably not arrive if they import price controls through MFN or reference pricing.
That happened before. Europe was once a leader in the development of new drugs. Few Americans recognize that Europe was a global centre for pharmaceutical research and development until the 1980s. That changed dramatically when Europe embraced socialist price control for drugs.
The results were quick and devastating. The European pharmaceutical company has moved its operations to the US, which offers a more innovation-friendly environment.
The results speak for itself. Since 2014, around 600 new drugs have been approved in the US, many representing first-ever breakthroughs in their class. The United States invents more innovative medicines than any other country, giving Americans the earliest access to cutting-edge treatments, creating a prosperous industry that supports over 5 million American jobs at over 1,500 research and manufacturing facilities nationwide.
Biden, Bernie and Pelosi’s European price control will all be gone. Worse, their prescriptions allow China to replace the US as a leader in drug innovation. Take five million jobs, send them to China and call me in the morning.
Supporters of MFN and reference prices create uncertainty, but the Chinese Communist Party is in motion. Clinical trials from Chinese companies currently account for 30% of global drug trials, rapidly approaching 35% in the US. China’s R&D investment has grown at an American rate almost tripled, up 2,600% from 2000 to 2021.
CCP-backed Chinese startups are gradually shunning American biotech companies through their innovation pipelines. In 2024 alone, 31% of the innovative drugs licensed by multinationals came from China.
This dramatic change is no coincidence. CCP will support that. China understands the national security order to have a prosperous pharmaceutical industry. They are targeting our pharmaceutical companies for extinction. If they manage a pipeline for new drugs and treatments, they will replicate the dangerous dependence on Chinese-made medical devices that have occurred during COVID and take us hostage. I don’t even know if the medicines they make are safe.
Because President Trump understands this, he works to keep America as a global leader in national security and patient drug development. The Trump administration can renegotiate international trade agreements to require European governments to pay fair market prices. The US has invented an overwhelming number of new medicines worldwide, but the global trade deficit for drugs, primarily due to European price control for American drugs, has a global trade deficit of $117 billion. President Trump can eliminate that deficit by forcing Europe to stop the freeload of American innovation.
President Trump has historic opportunities to reduce drug costs and cure illnesses, such as cancer, Alzheimer’s disease, diabetes and more. He is bringing America healthy again by increasing prevention and screening. Knocking out insurance and hospital intermediaries that drive up drug costs in America. And unleash the industry to develop new treatments.
Adopting Biden’s failed strategy of importing socialist price controls in Europe into drugs is a proven failure, allowing China to replace the US as a global leader in innovative medicines. Thankfully, President Trump knows well.
