Jessica Hyland is correct that if our government starts regulating drug prices, then the development of new drugs will slow down. (Below is the link to her essay in the Des Moines Register.) Our current government policies have given us more new drugs at higher prices than we are willing to pay for. So maybe getting new drugs more slowly would be a good trade-off for significantly lower drug prices.
Good health might be the most important thing in our lives, but it is not the only thing. The pandemic proved that many people are willing to risk their health in order to do those other things they consider to be important in their lives.
Today, drugs approved by the FDA are required to be covered by Medicare regardless of the price, and whether or not the drug is any better than cheaper existing drugs! Government granted patents prohibit competition by generic drug makers for 20 years or more! There is clearly no free market for prescription drugs. As a libertarian, I would love to see our government get out of the healthcare business altogether, but we don’t live in that world. Our government has had its thumb on the scales in favor of drug companies for decades, so it is not unreasonable for it to now start regulating drug prices.
Link to Register essay by Jessica Hyland: https://www.desmoinesregister.com/story/opinion/columnists/iowa-view/2021/05/25/hr-3-prescription-drugs-stifle-health-care-innovation/5240432001/