AARP-backed drug price controls will only hurt older Americans
There’s no way to get around it: the newly enacted Inflation Reduction Act (IRA) marks a terrible blow to American seniors.
For the millions of older Americans on Medicare, the future of medical innovation is much dimmer, as will be their access to critical prescription drugs.
But AARP – the supposed bastion of senior advocacy – is apparently unfazed. It recently concluded a victory tour, which included an event in Arizona celebrating the bill’s enactment as a historic achievement for seniors.
For months, politicians disingenuously rallied for the passage of the IRA in the name of lessening inflation. The legislation did nothing of the sort, but President Joe Biden signed it into law anyway. Now, after the dust has settled, it should be clear to everyone that the IRA is a failed piece of legislation acting against the interests of the American people.
To “combat inflation,” the law puts in place an irrational price control measure over Medicare Part D drugs, even though American drug costs are not what’s driving inflationary pressures. The IRA does nothing to address inflation and instead puts seniors at risk of losing quality health care.
AARP ought to know that by imposing government price controls on pharmaceutical drugs, manufacturers would be forced to scale back on research and development. This means fewer options, fewer cutting-edge medicines and fewer cures in the future.
The simple fact is that seniors need a wide array of treatment options because not all medicine works the same for everyone. The AARP-endorsed drug price controls will deprive seniors of that much-needed variety of care they
depend on.
As one watches AARP declaring a faux “victory” for seniors, it makes one wonder just who this organization is really supporting and why they’ve seemingly abandoned its mission to advocate for seniors. AARP’s recent Arizona event puts that issue front and center.
To answer that question, it helps to understand who is funding the socalled “senior advocacy” organization. And luckily, one doesn’t have to look that hard. AARP’s financial statements indicate that they made nearly $1 billion in royalties from health insurance companies, accounting for a vast majority of AARP’s revenue.
Given that corporate insurers fund AARP, it’s no surprise the organization supports the IRA. After all, the Inflation Reduction Act is a huge boon for health insurance companies, since it siphons approximately $287 billion away from Medicare, while doling out tens of billions of dollars to corporate insurance giants, and, to top it all off – will harm America’s health care system while doing absolutely nothing to “fight inflation.”
AARP can ignore the dangers that this law imposes on seniors, but the realities
on the ground won’t disappear. The AARP’s decision to give a fullthroated endorsement of the IRA and lend platforms to lawmakers that enabled its passage is nothing short of a betrayal of the people it claims to represent.
This should be a real wake-up call to older Americans across the country. AARP isn’t advocating for you.