Price controls are more about control than price.
If there’s one constant message I’ve tried to convey here at TWF (and every television or radio interview I give, every opinion column I write, every speech I give and everywhere else when I can) it is that the free market works and health care is not immune from basic economic laws.
Price controls and regulatory burden are stock-in-trade for big-government types and they always fail spectacularly. Promises of lower prices is the siren’s song but usually sooner rather than later the supply chain dries up. Why? People aren’t stupid. If the government makes it unprofitable to supply a product or a service, people will not supply them. File that one under ‘Duh’. Big-government types then attempt to impose control over the suppliers and force them into service. Case in point: ObamaCare took over student loans to exert more control over doctors entering the field. A free doctor won’t be forced into servitude but one owned by the government in the form of crushing debt will do as he or she is told.
Pharmaceutical companies are not immune from the devastating effects of price controls and regulatory burden either. Add the ever-present lawsuits from ambulance chasing lawyers and it becomes increasing difficult to keep your company’s doors open.
O’Neal said he’s concerned that as supplies shrink, measures will have to be taken.
“We are dangerously close, we believe, when we will have to ration care to the critically ill. I would say within days or weeks,” said O’Neal.