One of the most pernicious laws passed in a long time was part of President Biden’s grossly misnamed Inflation Reduction Act. The particular law permits Washington to impose price controls on a growing number of drugs used by Medicare beneficiaries.

This segment of What’s Ahead explains how arbitrarily forcing lower prices on the pharmaceutical companies will throttle crucial research and development of new, life-saving and life-enhancing drugs and the improvement of existing ones.

The U.S. spends an order of magnitude more on research than does any other country in the world. But the level of U.S. outlays is starting to recede. The consequences will be deadly.