Regulating Prescription Drug Prices Will Cost Lives

Democratic contenders for the 2008 presidential election want to use the federal government to lower the cost of prescription drugs, but while the move may be well-intentioned it could end up costing lives, an economist argued during an event in Washington, D.C.

"All Democratic presidential candidates agree on pharmaceutical price controls, which means people will die," John R. Lott, Jr., a senior research scientist at the University of Maryland, told a gathering Tuesday at the Cato Institute, a libertarian think tank.

Leading Democratic contenders rarely if ever use the words "price controls," which are prominent in socialized European economies and Canada, Lott observed. . . . .