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(USA) Senate Hearing Inadvertently Shows Why Antitrust Policy Is the Wrong Prescription for What Ails Drug Markets (ITIF)

Aurelien Portuese and Stephen Ezell write for ITIF: Four out of five Americans say prescription drug prices are unreasonably high, according to a recent KFF survey—and people across the political spectrum say pharma profits are a major contributing factor. So it came as no surprise earlier this month when Sen. Amy Klobuchar (D-MN) called a hearing in the Senate Subcommittee on Competition Policy, Antitrust, and Consumer Rights to scrutinize alleged anticompetitive conduct in prescription drug markets. But in the end, the hearing merely demonstrated that, to the extent there is a problem with drug prices in  America, antitrust policy is the wrong tool to address it.

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