The White House claims that US House Speaker Nancy Pelosi's drug-pricing bill would lead to as many as 100 fewer drugs entering the US market over the next decade, reported CNBC.
Citing an analysis from the Council of Economic Advisers, an agency within the executive office, the Trump administration also argued that the proposed legislation would cost the US economy $1 trillion per year over that time period.
Pelosi's bill would allow the Department of Health and Human Services to negotiate lower prices on the costliest drugs each year.
In October, the Congressional Budget Office (CBO), an independent agency that reviews congressional spending, estimated the bill would produce $345 billion in savings if enacted.
It also said the bill would lead to a reduction of eight to 15 new drugs entering the US market as the new rules would cause pharmaceutical companies to generate less revenue, in turn prompting them to cut R&D spending.
Meanwhile, Pelosi is awaiting the final review from the CBO on her bill. That is expected to come out later this month, according to a senior Democratic aide.
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