Build Back Better Act

Floor Speech

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Mrs. MILLER-MEEKS. Madam Speaker, I thank Representative Guthrie for yielding me time.

I rise today in opposition to H.R. 5376, the Inflation Reduction Act.

As a physician and former director of the Iowa Department of Public Health, I am uniquely positioned to understand the true implications of this bill and how this bill will affect both doctors and patients, and rural Iowans are no exception.

Interestingly, I just heard my colleague talk about how families may be kicked off their healthcare, and it doesn't seem to me that my colleagues on the other side of the aisle cared about that when they passed the Affordable Care Act and premiums rose dramatically.

Allowing the Federal Government to set limits on drug pricing will limit competition and drastically reduce innovation within the pharmaceutical industry. Innovation also comes even after FDA approval to determine if drugs can be used for more than just their initial purpose.

Additionally, narrowing the drug formulary by drug pricing through Medicare and negotiations will end up taking medications that you may already be prescribed and taking successfully, taking them off of the formulary and not being covered.

Let me also illustrate, when Medicare part D went into effect, the fact that there was not a negotiation by Medicare allowed generic drugs as low as $4 a medication. That was tremendously helpful to millions of seniors and continues to this day.

The United States is the leading developer of new drugs, but without market competition, American companies will lose the incentive to undergo cutting-edge research.

What does that mean to the average person? It means fewer cures for rare diseases or debilitating diseases. Fewer cures, less treatment for debilitating diseases.

Inevitably, the United States will become dependent on countries like China for pharmaceutical research and development, and patients will be limited in their options. Didn't we already see that through the pandemic?

Additionally, this bill will extend ObamaCare subsidies enacted in the American Rescue Plan, which do not have income restrictions. Rather than helping those who are most in need, the wealthiest Americans will continue to receive the largest average benefit.

This enormous spending package is bad for Iowans, bad for the economy, bad for hardworking Americans, and bad for the future of American innovation.

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