The unspoken assumption behind the prescription drug price controls at the heart of the Democrats’ August 2022 Inflation Reduction Act (IRA) is that the pharmaceutical market is broken.

According to this view, drugmakers have the power to charge whatever they want. Only a sweeping system of government price-setting can put the average patient on equal footing with “Big Pharma.”

But new research from investment bank Leerink Partners’ Center for Pharmacoeconomics tells a different story — and shows how the IRA’s price controls could significantly harm patients in the long term.

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