From WSJopinion: If Democrats slash the return on drug investment, startups won’t be able to raise money. This would be a tragedy as we enter an era of great biotech discovery.
It’s one of the strangest, and most destructive, juxtapositions in political history. Even as vaccines developed by drug companies are saving the world from Covid, the Democratic Party wants to rob these firms of the reward for innovation that is essential to developing future cures.
That’s one of the big stories as Democrats scramble to finance their $3.5 trillion expansion of the entitlement state. Even they can’t find more than $2.2 trillion in taxes to raise, so they’re hoping to fill the gap with $500 billion in savings from price controls on drugs.
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