Association of American Physicians and Surgeons (AAPS) Opposes 95 Percent Tax on Prescription Drugs
TUCSON, Ariz., June 9, 2022
TUCSON, Ariz. , June 9, 2022 /PRNewswire/ -- In a letter to Sen. Charles Schumer and Sen. Mitch McConnell, the Association of American Physicians and Surgeons (AAPS), along with numerous other organizations, opposes the 95 percent tax on prescription medicines contained in H.R. 5376, the "Build Back Better Act."
A tax this large would nearly double the price of any prescription drug subject to it, the letter points out. This tax would be imposed on millions of Americans making far less than $400,000 per year—the very people President Biden promised not to raise taxes on.
The alternative to the tax is manufacturers' agreement to government price controls. Throughout recorded history, price controls have always led to scarcity and rationing, the letter states. Ultimately, they mean that the government will decide who is qualified to receive the product. Additionally, funds for research and development of new products will dry up.
AAPS promotes transparency in pricing as the tool to lowering costs through choice. Medical costs are as "clear as peanut butter," writes AAPS past president Marilyn Singleton, M.D., J.D. One especially important obscure area is "rebates" to pharmacy benefits managers (PBMs). AAPS opposes legislation on drug pricing that does not address this source of a huge cost to consumers.
The Association of American Physicians and Surgeons (AAPS) is a national organization representing physicians in all specialties since 1943. Its motto is omnia pro aegroto (everything for the patient).
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SOURCE Association of American Physicians and Surgeons (AAPS)